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.
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.
This post was last modified on Nov 25, 2021, 04:58 GMT 04:58