Mina Crypto is a lightweight blockchain that uses a consensus algorithm called ‘SNARKs’ that allows the network to maintain its small size by compressing data and verifying transactions using mathematical proof rather than relying on large nodes.
Recently, Mina’s price escaped from the consolidation zone in a downward direction and formed support at the $0.540 level. The cryptocurrency price is currently stuck in a narrow consolidation zone between $0.54 and $0.60. The Mina price has retested the consolidation zone and previously closed as a bearish candle.
If the current candle is able to break the lower wick of the candle and bearish momentum strikes, there is a higher probability that the price might head toward the recent support. The bullish trend for Mina’s price started in the month of March from the support of $0.60 level, which resulted in the formation of a recent high at the $0.95 level.
Since then, Mina prices have been falling. The YTD return is 32.56%, while the last 3 months have shifted to the red side with a return of -46.36%, indicating that Mina crypto was very bullish in the month of January till mid of February.
Developments In Mina Protocol
As of March 31, there were 153,279 individual accounts on Mina Ledger. Mina protocol has redeployed the “Berkeley testnet’ in January 2023. In the transparency report, Mina stated about the launch of lignite cohort 2 on May 24 and cohort 3 later this year.
Zklgnite will allow builders additional opportunities to receive grants and support in building ZK applications and businesses on Mina.
Will Mina Crypto Price Re-enter The Consolidation Zone?
Mina crypto price is currently trading below all the significant EMAs indicating bearish momentum in the price. Chaikin money flow score has surpassed the 0 mark and is currently at 0.09, suggesting increased participation of bulls in the market.
RSI is trading at the 40.66 level, rising after touching the 30 mark, referring to the Mina price gaining bullish momentum. Although the current rise in Mina price might be for a retest of the consolidation zone.
Price has rejected the 20-day SMA of the Bollinger, indicating a possibility that the price might head toward the recent support. The longs/shorts ratio is 0.94 with 48.69% longs and 51.31% shorts in the last 24 hours.
Conclusion
The market structure and price for Mina is currently indecisive as it is stuck in a consolidation zone but the overall trend is still bearish. The technical parameters indicate a rise in bullish strength, which might pull back, and the price can still slip further down. If the price can enter the consolidation zone and break above $0.70, there is a clean move for the price to reach the $0.86 level.
Technical levels
Major support: $0.54 and $0.50
Major resistance: $0.60 and $0.70
Disclaimer
The views and opinions stated by the author, or any people named in this article about Mina Crypto, 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.
Nancy J. Allen is a crypto enthusiast and 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.
Source: https://www.thecoinrepublic.com/2023/05/19/mina-crypto-price-prediction-mina-price-in-indecisive-phase/