Our MINA Protocol price prediction is hanging by a thread as the price is battling key support around $1. The ongoing slump in Bitcoin prices has put most of the altcoins, including the MINA coin, in a downward spiral. MINA Protocol dipped to $0.79 last week as Bitcoin price tagged the lows of $24,500. At the time of writing, it is trading at $1.01, which is 84% below its all-time high of $6.56.
MINA Protocol describes itself as the lightest blockchain in the world. According to the official website, the size of the MINA blockchain is only 22 KB. This is nothing compared to other blockchains’ sizes, which are typically in 100s of GigaBytes. The protocol markets itself as a ‘succinct blockchain’ which has been built to curtail computational requirements for decentralized applications.
As per MINA Protocol news today, the team is hosting an in-person meetup in Tel Avis, Israel. The event will take place on 23rd May 2022, where participants can learn about all the upcoming programs and grants.
The technical analysis of the MINA price chart shows that the support at $0.92-$1.03 is being tested again. This is the same region where the price bounced off in July 2021. However, if the price loses this support, then things might turn pretty ugly for the bulls. Such a bearish breakdown could trigger another move in the downwards direction to find new support.
The last hope for the bulls is a weekly close above this key support which might initiate a relief rally to $1.84. However, such a move would only be possible if Bitcoin price stabilizes above $35,000 region. Till then, any bullish MINA protocol price prediction would be off the table.
Due to intense fear in the market, investors are getting rid of riskier cryptocurrencies and moving towards safer bets. Unfortunately, this risk-off approach has aggravated the selling pressure in smaller altcoins like MINA crypto. Therefore, most cryptocurrencies are trading 80-90% below their 2021 highs.
This post was last modified on May 20, 2022, 14:57 BST 14:57