- Summary:
- The Mina price has formed a bullish flag pattern on the 4H chart. While there concerns about the ecosystem, the coin will likely rise
Mina price performed relatively well in March as most digital coins bounced back. It rose by more than 20% in March and more than 67% from its lowest point during the month. It has a market value of more than $1.1 billion, making it a top 100 cryptocurrency. This article will look at why the coin’s price rebounded and some of the key concerns.
MINA is the native token for the Mina Protocol, which describes itself as the world’s lightest blockchain network. It uses a technology known as zero-knowledge to ensure that developers can build and operate secure applications. As a result, the platform says that it has a fixed size of 22kb, much smaller than other networks with an average size of over 300GB.
In March, the Mina price jumped as venture capital provided millions of dollars to the developers to accelerate its launch. In addition, it raised $92 million from some leading players in the industry like FTX, the well-known exchange. Another reason why it did well is that the number of account holders crossed the 100k mark for the first time in March.
Still, there are some concerns about Mina Protocol. The most important one is that while the coin is tradeable, it is impossible for developers to build using its technology. On its website, developers must provide their details, and they will be told when the mainnet arrives. This is a major concern because investors are buying a coin that they are not sure will be successful.
Mina Price Prediction
The MINA price has done well in the past few weeks. The four-hour chart has formed a bullish flag pattern that is shown in purple. In technical analysis, this is one of the most important continuation patterns. In addition, the price remains above the 25-day moving average.
Therefore, due to the bullish flag pattern and the inverted head and shoulders pattern, there is a likelihood that the coin will have a bullish breakout in April. A move below the support at $0.2.40 will invalidate the bullish view. As such, while I have concerns about Mina Protocol’s ecosystem, I must admit that its price will have a bullish breakout in April.
