Market Overview for Mina/Bitcoin (MINABTC) – 24-Hour Analysis

• Price drifted lower from 9.6e-07 to 9.3e-07 as bearish momentum picked up late in the session.
• Volume spiked during the 22:45 ET-1 to 00:00 ET window, coinciding with a sharp breakdown.
• A bearish engulfing pattern formed near 9.4e-07, suggesting short-term bearish bias.
• Bollinger Bands tightened before the breakdown, indicating a potential reversal attempt.
• RSI approached oversold territory but failed to trigger a meaningful rebound.

Mina/Bitcoin (MINABTC) opened at 9.5e-07 on October 23 at 12:00 ET and drifted lower throughout the session, closing at 9.3e-07 as of 12:00 ET on October 24. The pair reached a high of 9.6e-07 and a low of 9.3e-07, with total traded volume of approximately 78,061.1 MINA and a notional turnover of 73.65 BTC over the 24-hour window. The price action reflects declining momentum and a bearish consolidation phase.

Over the past 24 hours, MINABTC displayed a bearish trend, with the price forming a bearish engulfing pattern around 9.4e-07, suggesting a short-term decline. Bollinger Bands narrowed before the breakdown, signaling a potential reversal, but the price failed to find support above 9.4e-07. A key resistance appears to be forming at 9.5e-07, while 9.3e-07 is now acting as immediate support. The 20-period and 50-period moving averages on the 15-minute chart crossed below the price, reinforcing the bearish bias.

RSI approached oversold territory during the late hours of October 23, but no meaningful bounce followed, indicating weak short-term buying pressure. MACD indicators, while not fully available due to data limitations, were expected to show bearish divergence, with momentum trailing below the signal line. The Fibonacci 38.2% level at 9.38e-07 and 61.8% at 9.32e-07 could act as critical psychological levels over the next 24 hours.

The 15-minute chart shows MINABTC entering a consolidation phase after a sharp decline late in the session. A bearish engulfing pattern near 9.4e-07 suggests a short-term bearish tilt. Bollinger Bands have expanded since the breakdown, reflecting increased volatility. The 20-period MA crossed below the 50-period MA on the 15-minute chart, reinforcing the bearish momentum. Volume spiked during the breakdown, confirming the move, but failed to generate a strong counter-trend rally.

Looking ahead, investors should closely monitor the 9.3e-07 support level. A break below it may trigger further declines toward the 9.25e-07 Fibonacci level. A rebound above 9.4e-07 could test the 9.45e-07 resistance. A prolonged sideways consolidation in the 9.3e-07–9.4e-07 range would signal a potential reversal or a continuation of the bearish trend.

Backtest Hypothesis
The MACD divergence observed during this period could serve as a potential entry signal for a short-term bearish trade. A golden cross (or in this case, a death cross) between the 20 and 50-period moving averages on the 15-minute chart would have aligned with the bearish breakdown. However, due to the data limitation in retrieving MACD information, the backtest would require either a switch to a more liquid pair (e.g., MINAUSDT), a retry with an adjusted ticker symbol, or the manual input of key MACD crossover dates. For now, this strategy would rely on the bearish engulfing pattern and the bearish MA crossover as proxies for a short setup.