Mina Protocol (MINA) Price Prediction – When will MINA hit $5?
The price of Mina Protocol (MINA) has experienced a significant surge, increasing by 46.68% over a period of two days last week. Binance's adoption of zk-SNARKs technology is credited as the reason for this surge.
The integration of zk-SNARKs technology ensures the privacy and security of information during the proof-of-reserve verification process, making Mina Protocol a contender in the growing trend of zero-knowledge proofs.
The zero-knowledge (ZK) technology of Mina Protocol allows one party to demonstrate the authenticity of a transaction to the other without divulging any details. This attribute positions Mina Protocol as the lightest-weight blockchain in the industry, thanks to its design and autonomous computing capabilities, putting it at the forefront of the industry.
ZK technology's popularity has risen since late 2022 following the announcement of Polygons (MATIC) zkEVM solution launch. This trend has been further boosted by the imminent release of zkSync and StarkWare's rollup and tokens, creating a positive sentiment around ZK technology and driving up the prices of related tokens, including MINA.
Should you invest in Mina Protocol (MINA)?
Let’s see the upcoming Mina Protocol (MINA) Price Prediction direction from Mina (MINA) Price Forecast:
MINA/USDT D1 Chart Shows Institutional Traders’ Interest
In the daily chart, MINA/USDT is facing a strong buying pressure initiated from the 0.440 swing low. Clearly, the long term bearish trend has found a bottom, and bulls have joined the market with a counter impulsive momentum.
Although the current price is trading 165% higher from the 0.423 low, institutional investors are still interested in this instrument. As per the high volume level indicator, the highest activity level since the beginning of 2023 is spotted at 0.852, which is below the current price.
If we analyze the candle structure of the recent days, we will see a clear trend-trading momentum. The price is moving higher by creating new higher high and lower high formations. Moreover, the recent price made some significant swing low at 0.884 and 0.711, which may work as a potential reversal point.
In the main price chart, the dynamic 20 DMA is carrying the price and found the 0.884 level as a confluence support. In that case, any selling pressure towards the 0.884 area with a sufficient buying interest could create a bullish signal.
The indicator window shows a stable momentum in RSI, above the 50% level. Therefore, we may consider the upside possibility potent as long as the RSI remains above the neutral area.
Based on the current daily Mina Price Prediction, investors might consider the 3.529 level as the top of the current tradable range. Any bullish rejection from the dynamic 20 EMA or near-term static levels could open a long possibility in this pair.
The alternative trading approach is to wait for the price coming below the 0.700 level and form a bearish daily candle. In that case, bears may take control over the price, targeting the 0.440 psychological level.
MINA/USDDT Ichimoku Cloud Analysis
If we implement the Ichimoku Cloud in the MINA/USDT daily chart, we will see that the price is trading above the Kumo Cloud with a strong bullish momentum. A solid lower high formation and a valid price action above dynamic levels signal that bulls are still interested in this instrument.
In the future cloud, an upward momentum is seen from Senkou Span A and B, which is a sign of a valid bullish trend. However, it is important to find sufficient bearish correction before joining any bullish rally, and for the MINA/USDT daily price, there is no exception for this.
The sign of a strong bullish trend is also visible from the indicator window, where the current ADX level shows stable momentum above the 20.00 level.
Based on the current H4 structure, a minor downside correction towards the dynamic Kijun Sen support could increase the bullish possibility, targeting the 2.117 resistance level.
On the other hand, a sharp decline with a daily candle below the 0.7000 level could eliminate the current bullish possibility.
MINA/USDT Intraday Price Action Analysis
The above image shows the H4 price of MINA/USDT where the price is moving up with a strong buying pressure.
In the first bullish sign is the visible range high volume level’s position, which is below the current price. Moreover, near-term dynamic levels are below the price, working as immediate supports.
Although a minor divergence is seen from the MACD EMA, it is not sufficient to invalidate the current bullish trend.
Based on this Mina Protocol price prediction, the price could increase as long as it remains above the 1.025 support level. However, breaking below this level could open another buying possibility from the 0.824 high volume level.
If the price comes below the 0.8000 level and forms a bearish H4 candle, we can consider the buying possibility invalid.
Is MINA/USDT A Buy?
Based on the current multi-timeframe Mina Protocol price prediction, MINA/USDT is a solid buy and any intraday bullish signal could provide a high probable buying opportunity. However, investors should monitor how the price reacts on the near-term level before opening any long position.
Leave a Comment