Is it too late to buy Mina Protocol? Expert Cryptologists Give Their MINA Price Predictions
The Zero-Knowledge story continues to excite crypto markets. The impressive rise of $MINA token to 125% seems set for continued growth.
MINA has experienced a strong price recovery in the wake of a difficult crypto winter. MINA rose to the 55th position thanks to a surge in market interest surrounding the adoption of ZK snarks by Binance.
MINA’s explosive price action this week began in January. Massive 38% green candles broke through week-long resistance at $0.60, January 25. This is the perfect setting for an amazing February rally.
After brief consolidation, the price burst decisively last Friday. It posted a 55% rise in 48 hours. This price broke through psychological resistance at $1.00, which is crucial.
Buy pressure remains strong. A solidly defended consolidation pattern was held Monday and Tuesday. This primed for a sensational move on Wednesday.
What happened to MINA yesterday
Yesterday’s pump saw the price rise above $1, bringing it back to a peak of $1.249. Resistance at the trendline at $1.25 was enough to stop the massive move – an unprecedented level in nine months.
Now, he sat in a local regression. MINA bulls have demonstrated twice that they can break the $1 price level. The real test now is to show that they can hold this level and flip $1 to support within the next 48 hours.
If the retest is successful, then $1.25 will be retested. If broken, this would result in a 25% rally back to historic resistance levels at $1.35.
Consolidation at $1 will fail. A breakdown at $1 would be likely. The lower trend line, which is expected to converge with $0.80’s 200-day MA, will test support. In almost a week, price action has not touched the lower support level.
What is the maximum MINA can go?
Positive sentiment about buy pressure is reflected in the RSI 14. The RSI reading 56 indicates that the RSI has cooled off quickly after yesterday’s push-up. The RSI clearly moving from overbought territory to oversold territory shows that there is still room for rallies.
This bullish sentiment is also supported by the MACD, which at 0.005 indicates that the rally has momentum.
Despite bullish indicators and a bullish chart structure, open interest can also be illuminating. CoinGlass This suggests that open interest is majority-short at 53.39%. This could indicate market sentiment.
Overall, the topside target is $1.35 ( 24.3%), and the downside risk is $0.80 (-26.4%). Risk:Reward for MINA is 0.92
This entry is not the strongest, so it might be worth watching consolidation movements for a better entry. Bullish indicators and structures should give reassurance to open positions.
Alternatives to MINA
There are many other altcoins with high potential that are available on the market, in addition to MINA. We’ve listed them as part of a list of top 15 cryptocurrencies in 2023, as determined by The Analysis. CryptoNews Industry Talk team.
This list is updated every week with new altcoins or ICO projects. Make sure you check back often for new entries.
Disclaimer: The Industry Talk section contains insights from crypto industry players, and is not part of Cryptonews.com’s editorial content.