Is Mina Protocol Going to Zero? MINA Price Drops as New Mining Protocol Secures $6.4 Million
After a week-long surge, the price of MINA, the native token of Mina Protocol, has experienced a retracement. This has led some investors to wonder if Mina Protocol is headed towards zero. The recent pump saw MINA price increase by 120% alongside the overall rise in cryptocurrency values.
The retracement in price seems to have been triggered by resistance at $1.48, a level last seen in May 2022. Currently, MINA Protocol is trading at $1.29 with a 24-hour change of -2.26%. The significant increase in on-chain activity, evidenced by 190k+ active addresses, has fueled the growth of Mina Protocol.
MINA Price Analysis: Is Mina Protocol Going to Zero Amid Retracement Move?
The recent price action indicates that MINA Protocol is currently facing downward pressure. The price divergence from the 20DMA suggests a potential downside risk to the current support level at $0.92. However, the MACD indicator shows bullish momentum, indicating that there is still strong pressure in the market.
Despite the retracement, MINA price remains strong and may consolidate recent gains at a lower support level, potentially setting the stage for another rally leg with an upside target above resistance at $1.50.
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