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- 1 MINA’s price broke its resistance and moved above the 200 EMA with strong momentum.
- 2 MINA price action is taking divergence from the RSI trend line.
The Mina network (MINA) protocol is a “succinct blockchain” which was built to cut back computational requirements to run Decentralized applications more easily. MINA is an extremely efficient protocol it has also been described as the world’s lightest blockchain because of its design which is to remain consistent despite its usage. Also, it remains balanced in terms of security and decentralization. The current price of MINA is $0.491.
MINA price moving on a strong bull trend ( 1 Day Timeframe )
The size of the Mina network(MINA) is only 22KB which is very small compared to Other major currencies whose size can be around 300GB blockchain. Mina dramatically reduces the data each user needs to download. In this participants use recursive zero-knowledge proofs ( zk SNARKs) to verify the transactions and network.
As of now, the overall market sentiments are currently trading at 51 points according to the greed and fear index provided by the Alternative (dot) me. While in the overall market price action the bears are dominating the price. The MINA price is currently being dominated by the bears by 51 – 55% according to the site Coinglass.
Technical Analysis ( 1 Day Timeframe)
The MINA price is currently trading on a bull trend above the 200 EMA while trading near the 20 EMA. The 50 EMA line is crossing above the 200 EMA while the 100 EMA is just below it. The EMA’s are giving a golden crossover which means the trend is changing toward the bull’s favor.
MINA price is taking support from the price of $0.920 while its major support level is around price of $0.811 around 10% below the present price level while its resistance level is 33% above the current price of around $1.260
The RSI line is trending on a downtrend below the 14 SMA. The RSI line is currently trading below the median line around 51.82 points while taking resistance from the 14 SMA which is trading at around 54.55 points.
Conclusion
The MINA price is trading on a bullish trend above the 200 EMA while taking support from the level of $0.920. If the price of Mina coin takes a pullback from this level with a bullish engulfing candle the price can give an extremely bullish rally of 30% and more. The RSI line is trading on a bearish trend near the median line below 14 SMA.
Technical levels
Support – $0.920 and $0.811
Resistance – $1.260
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
