- Mina crypto price declined 33.16% during the weekly trading session.
- The volume-to-market capitalization ratio (VMR) reflects higher liquidity.
- The trading volume has decreased by over 25% in the last 24 hours.
Mina Protocol (MINA) is a minimal, succinct blockchain that aims to achieve an efficient distributed payment system. The blockchain network is only 22 kb and is built to curtail computational requirements to run decentralized applications efficiently. The protocol uses a cryptographic proof that enables authenticating information without revealing said information.
Mina Managed to Reflect Over 100% in Six Month Timeframe
In October 2023, the cryptocurrency price experienced a noticeable rise of 54.59% from the $0.34 support level. This made a positive change in market sentiments, which resulted in an upsurge for three consecutive months. The price reflected an almost 400% bullish rally to the $1.69 resistance level till January 2024.
Subsequently, Mina crypto price performance reflected unsatisfied results till March 2024. During those months, the cryptocurrency price ranged between $1.72 and $1.11. Conversely, the patience of token holders was broken in the current month. This results in an opposing rally with 38.05% negative returns in the current phase.
Mina Crypto has an uncapped maximum supply with a fully diluted valuation assumed to be at $885 million. There are $1.08 billion MINA tokens currently circulating in the market. Cryptocurrency currently has a market capitalization of $838 million. The uncapped maximum limits can lead to future inflation in digital assets.
Price to Volume and Social Dominance Analysis
At the end of December 2023, the social buzz of Mina crypto hiked over 0.20% across the crypto world. The positive hike in social platforms positively impacted the rise in price and volume. However, dominance has been slowly fading, but the cost and volume remained unbothered, reflecting stability without social buzz.
Technical Analysis of the Mina (MINA) Price
The current token price crossed below the key exponential moving averages, reflecting negative sentiments in terms of market technicals. The 200-day and 50-day EMAs can act as dynamic resistance in the short-term for Mina price.
MINA price faced strong resistance from the $1.72 level. The price gave a breakdown from the $0.95 support level afterward. It fell on the $0.64 crucial demand zone in recent trading sessions. The price is trading at $0.77 at press time, gaining bullish momentum. The price may fall on the $0.46 demand zone unless it gives a closing above $1.23.
The relative strength index (RSI) is showing solid opposing momentum in the current phase. This indicates the sellers hold an upper edge in the current sessions. The RSI is moving at 30.67 below the signal line.
Summary
Since October 2023, the Mina crypto price has reflected a bullish trend. Despite facing heavy profits keeping from the $1.72 resistance level, the cryptocurrency managed to secure over 100% positive six-month returns. The current price is at $0.77, gaining bullish momentum. The price may fall on the $0.46 demand zone unless it gives a closing above $1.23.
Technical Levels
- Resistance Levels: $1.23 and $1.72
- Support Levels: $0.64 and $0.46
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 any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.