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- Recently marked ATL at $0.42.
- Voting on MIP to remove supercharged rewards starts on Jan 4, 2023.
- Volume plumps by more than 250%.
MINA is the tiniest “succinct blockchain” that works on achieving an efficient distributed payment system that enables users to natively affirm the platform right from the genesis block. The protocol uses Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs). It has been described as the world’s lightest blockchain, as the Mina network has a size of only 22 KB.
The native token, MINA, has recently marked its all-time low at $0.42 on the first day of 2023. It has also scheduled voting on MIP to remove supercharged rewards from Jan 4, 2023.
The Char-t-ale
The MINA prices have formed a falling parallel channel from August and marked lower highs simultaneously. The current price action occurred in the channel’s lower half and reclaimed the 20-EMA, with the rest of them above the prices. The volume has been on the decline for most of the movement and has shown selling pressure among the buyers. If present prices can manage to retain above the possible breakout level of $0.500, chances of a bullish swing are high, with a target level near $0.820.
The analytical indicators display a seller-biased picture. The CMF moves under the baseline in the negative zone, showing a downtrend. The MACD recorded a seller run and has just converged. The RSI has moved contained in the lower ranges, showing heavy seller influence.
The peephole
The smaller time frame suggests that the prices have retraced after marking the ATL to recover. The CMF oscillates about the zero line and marks an unbiased market or MINA. The MACD records an improvement in the interest and to support that ascending buyer histograms. The RSI also rises to the higher ranges of 60-70 and shows a positive transition in the controlling force.
Conclusion
The MINA protocol lacks the charm to attract users, hence is not very volatile and is suitable for long-term investments. The protocol may encounter a few swings due to the proposed changes and potential upgrades that may occur in the future. Interested investors must look out for the $0.420 to buy the dip and $0.500 to witness a probable surge.
Technical levels
Support levels: $0.420 and $0.330
Resistance levels: $0.610 and $0.720
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
