- Summary:
- What is the outlook of the Mina price? We explain why the Mina Protocol has had a good year and what to expect in the near term.
The Mina Protocol price is doing well on Thursday. After crashing hard last week, the MINA price has erased some of those losses. It is now trading at $5.2, which is about 30% above the lowest level this month. This rebound has pushed its market cap to more than $1.6 billion.
Mina Protocol has had a relatively good year. The zero-knowledge (zk) privacy-focused protocol has seen its price jump by more than 1,000%. This is remarkable since the developers raised about $18 million in a token sale. Its mainnet went live in March this year.
There are several reasons why the MINA price has bounced back recently. First, the developers received a record 8 million votes for the protocol to be accepted in TrustWallet. This means that there is a possibility that this will happen in the coming months. This announcement came a few months after Mina Prorocol partnered with Polygon to enable privacy-centric networks on the network.
Mina price prediction
The four-hour chart shows that the Mina protocol price has done relatively well lately. It has rebounded from last week’s low of $4.09. It has managed to move above the 25-day and 50-day moving averages. Most importantly, it has rallied above the key resistance level at $4.90, where it struggled moving above recently.
Therefore, there is a likelihood that the price will keep rising in the near term. If this happens, the next reference level to watch will be at $6.70, which is the highest point this month. This price is about 26% above the current level. This view will be invalidated if the price drops below $4.9.
