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Mina Protocol is a minimal “succinct blockchain” built to curtail computational requirements in order to run DApps more efficiently. Mina has been described as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage. Furthermore, it remains balanced in terms of security and decentralization. The project was rebranded from Coda Protocol to Mina in October 2020.
Let us look at the technical analysis of MINA.
Past Performance
Since its ICO in April 2021, MINA has not shown a very particular pattern of movement in its chart. However, for the last 45 days, it has remained comparatively less volatile than the period before that. The last week witnessed a sudden increase after the Digital Currency Summit 2021 Live event.
The trading session on November 5, 2021, began with MINA opening at $4.48. A change of 37.61% was seen in the following week, after which it closed on November 11, 2021, at $5.89.
Source: https://www.tradingview.com/x/AMr67l69/
MINA Technical Analysis
The sudden increase was not just a spike, and the chart seems to convert it into an uptrend. This can be inferred from the fact that the market sentiment is continuing to be bullish today for MINA, for the third consecutive day. The current trading price is $6.132 which is 4% higher than the previous day’s close.
Owing to the sudden increase in the buying volumes of MINA, the OBV graph is also showing a spike. However, this increase in the buying volumes is continuing even today, thus putting pressure on the price to increase.
The RSI is showing that the strength of the bulls has increased suddenly, as it has entered the overbought region very quickly. It is currently at 76.34% and the traders may take a long position.
The fast line and the slow line in the MACD graph are showing a bullish crossover. This is a strong bullish signal, indicating traders to consider taking a long position. No convergence or divergence can be seen from the price chart.
MINA has announced a workshop while partnering with ZK hack on November 10, 2021. The workshop will take place on December 7, 2021. The official news says, “In this event, we will be announcing the winner of our sixth puzzle competition followed by a 2-hour workshop hosted by Mina. SnarkyJS is a Typescript framework for writing zero-knowledge programs that can run in the browser with no trusted setup. It is used for writing private smart contracts on the Mina blockchain. In this workshop, we will learn how to write and deploy ZK applications using SnarkyJS.”
Day-Ahead and Tomorrow
According to the Mina forecast price and technical analysis, in 2021 the MINA price is expected to cross an average price level of $5.96, the expected minimum price value of Mina by the end of the current year should be $5.39.
Thus, the indicators are giving positive signals for the short-term traders. They can take a long position for the coming days by keeping a target at $7. Meanwhile, they can also keep a stop-loss at $5.7.
The Fibonacci retracement on the current chart is showing that the uptrend started around the pivot point at $4.36. Since then, it has crossed the next four Fib levels, thus crossing all the current Fib levels.