Page Analysis MINA TA
MINA has seen a fall in recent weeks dropping from almost $7 USD to now $4.2 USD. From face value the recent price drop could be seen as bearish. However, we do not see this as the case, rather MINA is extremely bullish
MINA is currently at a crucial support zone which will shape the price action of the cryptocurrency for months to come. This is the $3.9 – $3.6 USD support zone. There are two potential scenarios which could play out.
Current TA
Currently MINA is at crossroads with the present TA suggesting that MINA is both bullish and bearish. When looking at the WAI indicator, MACD and present momentum, the current move is corrective. However, when evaluating the RSI MINA has broken crucial support (50) which has supported MINA during its 2021 bullish run.
MINA / USDT (there is also an ascending support line not shown in the picture)
Due to MINA being at crossroads, let’s evaluate both scenarios and the likelihood of occurrence.
Bullish scenario
In this scenario MINA holds above the $3.9 USD level. The fall from $7 USD to the current position would represent wave (4) of a wider impulsive move. Upon support holding MINA will see the final wave (5). This wave would be explosive with an almost vertical rate of ascent, potentially sending MINA into the top 50-75 cryptocurrencies by market capitalization.
MINA / USDT – bullish scenario
Due to BTC appearing having completed its HL above the $40,000 USD level, BTC remains medium term bullish. Additionally the moon has completed its bearish cycle and the BTC contracts have expired. Over the course of 2021 this has generally suggested that bullish price action is just around the corner.
This means that MINA would not be moving against the market in this scenario, increasing the likelihood of MINA holding the crucial $3.9 USD level. The target for the bullish MINA move is $10 USD (+160%).
Page Analysis MINA TA
BTC / USDT – moon cycles & contracts expired
MINA bearish scenario
In the bearish scenario MINA will break below the crucial $3.9 USD level. This would break the current bullish medium term momentum we see with MINA. If this occurred MINA would likely see a H&S formation or a similar formation. The target would be the $2.2 USD – $2 USD level.
Page Analysis MINA TA
MINA / USDT – bearish scenario
This scenario would likely be triggered by BTC making an unlikely move to $29K, black swan event or if the economic situation in China worsens. The likelihood of this scenario from analysis is low.
Mina Conclusion
In conclusion we are still bullish on MINA. MINA has demonstrated incredible strength in comparison to other cryptocurrencies such as GRT and DIA during the run since July 2021. We expect this strength to carry over as MINA looks to complete the final move of its impulse wave.If you enjoyed our MINA TA please give it a like and share on Twitter!
Disclaimer
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Page Analysis is a small group of cryptocurrency traders based in the United Kingdom. We aim to educate users across the industry on price movements of various cryptocurrencies in a non-biased manner. Unlike most technical analysis groups, we are transparent, with no ulterior motives when providing our technical analysis.
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