Moving to the technical side, and starting from the weekly time frame, the price of MINA has been bearish after it made its all-new all-time high. Recently it is around its all-time low, the drop has been massive and the price has been breaking structures to the downside. Recently the weekly low has been stopped hunted, as when MINA reached that Low, many traders were interested to get in, but they were taken out from the recent move. This allowed the price to get its necessary fuel which resulted in a momentous push to the upside. Moreover recently the harmonic pattern ABCD seems to be over which may result in a push-up of the price.
Moving down the Daily Time Frame, the price recently has tapped in Daily Order Block, this Order Block is in confluence with the equilibrium of the consolidation range. This zone has added some bullish momentum to the price. Before this tap into the Order Block, the price of MINA did inducement as well which was to take out early buyers, and afterward, the price got the necessary fuel and pushed up.
Moving down to the last time frame, which is the 4 hour, the price when it was pushing down, the demand failed while the supply was in control. MINA when headed upwards, mitigated that supply zone which was in control and it got a rejection and fell a bit. Now as the bullish momentum is very strong, it’s very likely that it will result in a higher push. The price failed to create a new Low, which was a shift in market structure. This shows the price didn’t want to push much lower. Now there is much Imbalance left in the previous candle which acts as a magnet for the price to react. This can drive prices lower from where we can get in.
Now as the momentum is very strong, so there are two POI from where the price of MINA can react at the moment. One is Order Block and the other is Breaker Block. AS mentioned the momentum is strong, so in such cases, the price is very unlikely to go to the extreme to react with the Order Block, so Breaker Block is a good Point of Interest and the price can very likely react to it. Talking about invalidation, if BB fails to react, then OB can also serve as a POI, and targets can be around the level of $2.895
