- Mina price analysis is highly bullish today.
- Mina to retest the $5.6 resistance.
- Support for MINA is present at $4.9.
The Mina price analysis shows the token has rallied to mark a monthly high. The MINA started racing yesterday when the price was lifted from $4.26 to $5.12, and the token continued upside today as well, gaining significant value. The MINA is aiming for the next resistance at $5.6, and as the token is aggressive overall, there are chances for it to break above the said resistance level. On the other hand, the support is present at the $4.9 mark for MINA/USD pair.
MINA/USD 1-day price chart: MINA to retest $5.6 as resistance
The 1-day Mina price analysis shows that the token price has increased today as well after yesterday’s surge in price. The MINA/USD pair is trading hands at $5.38 at the time of writing and the next resistance is present at $5.6. The MINA/USD reports a 25 percent gain in value over the last 24 hours and a 23 percent increase in value over the course of the last seven days. The trading volume has surged enormously by 978 percent, nearing a thousand percent over the last 24 hours, which is a spike beyond imagination, and the market cap also went up by 25.4 percent.
The volatility is increasing for the MINA/USD pair as the Bollinger bands started expanding yesterday when the token started to rally high. The upper band has reached the $5.15 mark, and the lower band is at the $3.95 mark. The volatility remained low for the crypto pair since 9th October and increased mildly on 26th October, but from yesterday the indicator’s expansion is quite notable.
The relative strength index (RSI) has reached near the overbought region, as it trades at index 68 near the borderline of the neutral zone. The upwards curve of the RSI was very steep till yesterday but the slope has been more gentle from today, still indicating higher buying activity in the market.
Mina price analysis: Recent developments and further technical indications
The 4-hour Mina price analysis report shows that the price breakout was downwards at the start of today’s session as the token corrected for four hours, but then bulls took over the price function, and the price started following the upwards trend again, which continues at the time of writing, as the bulls are aiming for $5.6.
The volatility is high on the 4-hour chart, as the upper Bollinger band has reached the $5.2 mark representing support for MINA/USD, and the lower band has reached the $3.81 mark, making an average at the $4.5 mark. The RSI is trading at index 79 in the overbought region on the 4-hour chart as well, and the moving average is trading at the $4.7 mark.
According to sources, the Mina price surged after the appearance of the Mina Foundation’s CEO Evan Shapiro in an interview yesterday at the 2021 Digital Currency Summit, as the interview went well and the token surged by 25 percent, same was the case of IOTX when it surged after the DeFi Live event. Another triggering news is the announcement of Mina partnering with the ZK hack. According to the program, a seven-week virtual event will be held, organizing weekly workshops and advanced puzzle solving competitions.
Mina price analysis: Conclusion
The Mina price analysis shows the token is aiming for a breakthrough above the $5.6 resistance as it already broke above the monthly high of $5.37. There exist ample chances for the breakthrough as the bullish momentum seems healthy, and the past favoritism of MINA also seems to be in play at the moment.