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Sunday, May 19, 2024

Mina Protocol (MINA) Price Prediction : Smallest blockchain in a daily comparison among the top performers

The price of the Mina Protocols (MINA) is one of the strongest altcoins in the last 24 trading hours with a 9 percent price increase.

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  • With a price increase of 9 percent in the last 24 hours of trading, the smallest layer 1 blockchain is one of the biggest price gainers on the crypto market.
  • However, after falling to a new historical low of $0.371, the altcoin’s price has recovered by 40 percentage points at its peak over the past 30 days to the resistance at $0.519.
  • So far, however, the protocol has repeatedly bounced off to the south.
  • If MINA price breaks out of this resist, the strong resistance at $0.583 will come back into focus.
  • If this price level is then also pulverized by the bulls, the price could rise back towards the April high of 0.855 US dollars in the medium term.
  • Should Mina Protocol then overcome this resist as well, the way would be clear in the direction of the year high around 1.20 US dollars.
  • However, as long as today’s daily high is not surpassed and the MINA price should lose feathers again, a retest of the support area around 0.427 US dollars should be planned.
  • If the price correction continues to widen as a result, a new fall back into the zone around the year low at US$ 0.371 could follow.

Mina (MINA) Historical Price & Market Analysis

The current price of Mina is $0.452102 and it is currently ranked #89 out of all cryptocurrencies. The amount of supply currently in circulation for Mina is 932,367,723 with a total market capitalization of $422,908,665.

In the past 24 hours, the price of Mina has decreased by 2.66%. Mina has experienced a hard time gaining momentum over the past 7 days, down 7.16%. MINA is showing bearish signs this week, now could be a good time to invest if you are thinking of buying Mina.

Within the last 30 days, the price of MINA increased by 9.73%, adding $0.040089 to its previous value of $0.412013 and pushing the market capitalization to $422,908,665. If you are thinking of buying Mina today, you should wait until another bear market to invest in MINA. The price of Mina has dropped by 40.85% in the last 3 months, eliminating $0.312229 from its previous value of $0.764331.

MINA price prediction is suggesting bears and bulls are yet to gain a proper grasp on the trend. Investors might prefer to wait for a confluence of multiple technical indicators in order to decide the direction of the trend. There is a slight increase in the green candles of volume which suggests the MINA price is attracting buyers at the demand zone.

Investor sentiments regarding the MINA price are indecisive at present and may remain negative unless the buyers start stepping into the price action with substantial momentum. However, according to the technical indicators and price action, the odds are lining in the bull’s favor.

The present value of MINA is $0.440, and it has a market capitalization of around $410.17 Million.

MINA Price Prediction: Technical Analysis on 1 Week Timeframe

Source: MINA/USDT by TradingView & The Coin Republic

The price patterns made through candlesticks present a controversial view. The MINA price is making an evening star a bearish pattern after making a morning star a bullish pattern on the weekly chart. Both of the patterns are not fully developed which may cause some hesitancy on the buyer’s part. 

Investors may prefer to take multiple technical indicators into perspective in order to gain an edge. Presently, a bullish candle is developing where the price recently broke the descending triangle, but is yet to gain momentum.

MINA Price Prediction: Technical Analysis on 1 Day Timeframe

Source: MINA/USDT by TradingView & The Coin Republic

MINA price is moving near the demand zone around $0.400 after making a retest from the descending triangle. Presently, it is gaining severe pressure from the 50 EMA line. 

The RSI oscillator is approaching the demand zone. A slight upward curve suggests it can take a retest from 14 SMA before taking a further decline. The current value of RSI is 39.47 points, whereas the 14 SMA is providing resistance to it at 48.33 points.

The stochastic RSI is moving near the demand zone after making a double top. The current value of Stochastic RSI is 0.56 points. Observing the previous movements, the investors may look out for a proper reversal to take the confirmation for a rally.

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.

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