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- 1 Mina price currently trades at $0.378 with a loss of 2.33% during the intraday trading session.
- 2 Mina protocol introduces ZK smart contracts.
- 3 The year-to-date return of the Mina protocol is -12.42% while the weekly return is 1.34%.
Mina’s price has been in a downtrend, creating lower lows since the formation of an annual high at $1.25 level in February. During the start of May, the cryptocurrency price entered into a consolidation zone ranging between $0.53 and $0.585.
On 5 June, the price finally broke the consolidation zone in the downward direction as well as the major psychological level of $0.50.
The asset price fell and formed a support at $0.39 and regained bullish momentum in hopes of rising above $0.50. However, the price was successful in rising and closing above $0.50 but faced strong rejection which pushed the price back to $0.39.
Recently, Mina price broke the support level of $0.39 and created a support near $0.39. The price seems to retest the previous level of $0.39. The previous candle closed as a bullish candle, below $0.39. The current candle is strongly bearish and has broken the low of the previous candle.
For the price to witness decent gains, it needs to rise and close the $0.42 level. On the other hand, if Mina price breaks the support level of $0.365, it might fall toward the all-time low of $0.353 and potentially toward $0.30.
Mina Protocol On Brink Of Major Upgrade
Mina protocol is on the brink of a major upgrade, a topic that has been buzzing within the community. The major upgrade aims to introduce Zero-knowledge (ZK) smart contracts to its mainnet. Mina protocol’s kimchi proof signifies a significant leap in the security and integrity of the network, setting up new standards for the industry.
The upcoming upgrade consists of three primary features – enhanced ZK programmability, introduction to Kimchi, and phase-out of supercharged rewards.
In preparation for the upgrade, Mina commenced a Testworld Mission 2.0 which is segmented into four distinct tracks, with two zKApp End-to-End (E2E) testing and external security auditing already completed. The rest of the tracks focus on Protocol and Performance Testing and final preparation for the upgrade.
Will Mina Price Fall Further Down?
The cryptocurrency price has slipped below 20, 50, 100, and 200-day exponential moving averages, indicating bearish momentum. The Chaikin money flow score has surged above the 0 mark and currently trades at 0.14, indicating strength and capital inflow in the market.
However, the relative strength index still hovers below the 50 mark and currently trades at 40.27, suggesting bearish momentum in the price. The long-short ratio is 0.90 with 47.53% longs and 52.47% shorts, indicating a higher position of sellers in the last 24 hours.
Conclusion
Mina protocol has secured funding of $92 Million for boosting Zero-Knowledge proof technology from Three Arrows and FTX. Both of the firms have declared bankruptcy. The market structure and price action of Mina is highly bearish.
Technical levels
Support levels: $0.365 and $0.30
Resistance levels: $0.39 and $0.42
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
