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- 1 MINA crypto price is trading above the key moving averages, showcasing bullishness.
- 2 MINA price shows a double bottom pattern on the daily chart.
Mina Protocol (MINA) is a blockchain protocol that focuses on scalability and privacy for decentralized applications (dApps) and cryptocurrencies. It uses a special consensus mechanism called “zk-SNARKs” to achieve a small, fixed-size blockchain, making it easy for a wide range of devices and applications to access it.
Mina Protocol was founded by a team of computer scientists, entrepreneurs, and engineers, led by Evan Shapiro and Emre Tekişalp. The protocol was built by O(1) Labs, a San Francisco-based company, and launched in 2021.
Mina Protocol (MINA) is used for creating and running dApps and cryptocurrencies on its scalable and privacy-preserving blockchain. MINA tokens are used for network governance, transaction fees, and participation in consensus mechanisms. You can also stake MINA tokens to secure the network and earn rewards.
Technical Analysis: What Happening on the Daily Time Frame of MINA Crypto
MINA crypto (MINAUSD) is showing strength and is heading towards the $0.800 mark. This positive trend suggests that an upward move for MINA crypto towards the expected target of $1.00 is possible. Therefore, buyers are likely to maintain long positions. MINA Crypto is trading above major moving averages, indicating a bullish mood.
Additionally, the chart structure for the last few sessions shows a bias in favor of buyers. The cryptocurrency has gained momentum and is poised for an uptrend that could reach $1.00. The increased activity and momentum also support the optimistic outlook of market buyers.
At the time of publication, MINA Crypto was trading at $0.747 with an intraday gain of 8.42%, highlighting bullish sentiments and a positive outlook on the charts. Additionally, the intraday trading volume was 180.372 Million and the market capitalization was $754.223 Million.
However, as buying volume increases, the price could mark higher highs and new highs to maintain bullish momentum. Therefore, the MINA price is expected to move higher and remain strong on the daily chart.
Indicator Analysis of MINACrypto on Daily Time Frame
Currently, MINA crypto (MINAUSD) is trading above its 50-day and 200-day exponential moving averages (EMAs), which support the price momentum. The current RSI value is 66.00 points. The 14 SMA is above the midline at 56.61 points, indicating a bullish trend for MINA crypto.
The MACD line at 0.030 and the signal line at 0.028 are above the zero line. There is a bearish crossover on the MACD indicator, which indicates a weakness in the price momentum of the MINA cryptocurrency.
Stochastic RSI is trading near the median line. The %D and %K lines are crossing each other in a positive direction, although they have not yet crossed the 80 RSI area. The current stochastic RSI value is 54.34 points.
Summary
Technical oscillator MINA (USD: MINA) also supports the bullish trend. MACD, RSI, and EMAs highlight positive signals and suggest that the upward trend in MINA crypto price may continue. Price action suggests that investors and traders are optimistic on a daily basis. Price movement reflects an optimistic outlook.
Technical Levels
Support Levels: 0.570.
Resistance levels: $0.764.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
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.
