In today’s trading session, Mina Protocol has lost over 7 per cent of its value. This is a continuation of almost a week’s long bearish move that has seen the protocol losing more than 20 per cent of its value.
The current bearish move also comes a few weeks after the protocol raised over $92 million. During that time, I predicted that the Mina protocol would see a surge in price and was likely to trade above the $3.19 resistance level. Instead, the cryptocurrency would rise and break the $3.19 resistance level in the following days.
However, after the prices broke the $3.19 resistance level, the protocol only surged 10 per cent and then started trading sideways. The following days would later see the cryptocurrency starting to come down. Today, the protocol has established a long-term bearish move that has seen it lose more than 20 per cent in just the last few days. Despite the cryptocurrency showing signs of revival in its user base, the last 24 hours has seen a 72 per cent increase in its trading volume.
Looking at the daily chart below, the Mina protocol has undergone a lot of price action in the past seven days. The protocol has moved from setting April’s price highs of over $3.5 to trading at the current price of $2.73. The chart also shows that the Mina protocol has had four consecutive trading sessions where it has closed, losing in the markets.
Using the chart, there are two likely scenarios for the protocol. The first is that prices are likely to drop to the $2.46 level and then trade in a sideways market. If that is the case, it will be very likely that the prices will reverse and start another bullish trend.
The other scenario is the prices will break the $2.46 support level to the downside. If that scenario unfolds, then it will mean a high bearish momentum. This will likely result in the prices hitting the second resistance level of $2.05.
This post was last modified on Apr 11, 2022, 14:50 BST 14:50