Mina Plunges Past $0.0655 as Bearish Pattern Confirms

Summary
• Mina/Tether tested key resistance around $0.0675 but failed to hold, reversing lower into a bearish engulfing pattern.
• RSI entered oversold territory near 30, signaling potential short-term buying interest, while volume surged during the breakdown.
• Volatility remained contained within narrowing Bollinger Bands until the 16:00 ET breakout, increasing the odds of a directional move.

Market Overview

Mina/Tether (MINAUSDT) opened at $0.0674 on 2026-02-06 12:00 ET, reached a high of $0.0683, a low of $0.0648, and closed at $0.065 at 12:00 ET the following day. Total volume for the 24-hour window was 14,763,697.6 with a notional turnover of $968,850.08.

Structure & Formations

Price action on the 5-minute chart revealed key resistance at $0.0675 and support at $0.0655, both of which saw repeated tests. A bearish engulfing pattern formed during the 02:00–02:15 ET window, confirming the shift in momentum. A doji appeared near $0.0664, suggesting indecision before the breakdown.

Moving Averages

Short-term moving averages (20/50) on the 5-minute chart crossed bearish into the afternoon, while the daily 50-period MA was near $0.0665, aligning with recent support.

MACD & RSI

The MACD turned negative after 16:00 ET, confirming bearish momentum, while RSI dipped to 29–31 during the breakdown, signaling possible oversold conditions.

Bollinger Bands

Volatility remained low during the morning, with price tightly contained within narrowing bands. A breakout to the downside occurred at $0.0648, suggesting a possible increase in short-term volatility.

Volume & Turnover

Volume spiked sharply during the 16:15–16:30 ET period, coinciding with the breakdown below $0.0655. This surge in volume provided confirmation for the bearish move, though turnover was lower than recent sessions, suggesting limited conviction from large players.

Fibonacci Retracements

Fibonacci levels on the 5-minute swing from $0.0648 to $0.0683 showed price retesting the 61.8% level at $0.0663, where a key rejection occurred. On the daily chart, the 50% retracement of the larger move sits near $0.0665, a level that may see renewed interest if price bounces.

Price appears to be in a consolidation phase after the breakdown, with a high probability of testing $0.065–$0.0648 support levels. Traders should monitor volume for any divergence and keep a close eye on the 50-period MA for potential reentry cues. Risks remain skewed to the downside, but volatility could expand if key levels fail.