technical analysis for the $MINA /USDT pair, along with trade signals and three target levels:
Trend Analysis:
The price of MINA has experienced a significant decline in the last 24 hours, with a drop of around 9.51%. Currently, it is trading near its 24-hour low of $0.7769, suggesting some bearish momentum. However, it's crucial to watch for potential support and resistance levels in the short to medium term.
Moving Averages:
The 50-period moving average (MA) is likely sloping downward, reflecting the current bearish trend.
The 200-period moving average (MA), if also downward sloping, could indicate longer-term bearish pressure.
RSI (Relative Strength Index):
If the RSI is below 30, it would suggest that MINA is oversold, indicating a potential for a short-term rebound.
If RSI is above 70, the market might be overbought, suggesting a possible correction.
Trade Signal:
Entry Point: Around $0.7769–$0.7800, near the support level. A small retracement may offer a good entry point for a short-term rebound or scalping opportunity.
Three Target Levels (Trade Set-Up):
1. Target 1 (Short-Term): $0.8000 — A small resistance zone where the price could face some resistance.
2. Target 2 (Medium-Term): $0.8400 — A potential retracement level where sellers could become active, making it a reasonable level to take profits.
3. Target 3 (Long-Term): $0.8800–$0.8964 — The upper range of the 24-hour price movement, a level to consider for a more substantial reversal or breakout.
Trade Momentum:
Bearish Momentum: The price has been declining with strong volume in the past 24 hours, indicating bearish momentum. If this continues, we may see further downside to the support levels.
Bullish Reversal: If the price holds at or above the $0.7769 support level and begins to consolidate, a reversal could be imminent. Watch for a breakout above the $0.8000–$0.8100 zone for a shift in momentum.
Stop Loss:
Stop Loss: $0.7700 — Below the recent low, in case the price breaks further down.