Higher Long Liquidation; Are Buyers Losing Strength Over MINA?

• The Open interest in MINA crypto has declined by more than 8% in the last 24 hours.
• The MINA coin is currently trading at $0.7348 with a decline of 1.76%.

Mina Protocol was created by O(1) Labs and it is a lightweight, privacy-focused blockchain protocol that enables the development of scalable and verifiable dApps and cryptocurrencies. It uses zk-SNARKs consensus mechanism to achieve a small, fixed-size blockchain. MINA tokens are used for governance, fees, and consensus.

The MINA coin hit an all-time high price of $9.09 over 2 years ago and since then the cryptocurrency has been unable to break its all-time high. It denotes that there has been no optimism among the traders and investors for the crypto for the last two years.

Despite all that, the MINA crypto price is gaining momentum and might result in an uptrend. The current market cap of the MINA has also declined by 1.98% in the last 24 hours followed by a decline of 38.01%.

The current volume/market cap ratio of MINA is 7.98%. It has a total supply of 1.102 billion coins and a fully diluted market cap of $810.75M. Moreover, the maximum supply of the cryptocurrency is infinite, but its circulating supply is 1.013 billion MINA.

MINA Derivative Analytics

The MINA coin has witnessed higher long liquidation in the last 24 hours as per Coinglass. It has further resulted in a decline of 39% in its trading volume resulting in $65.49M. However, on 4th December the crypto witnessed a huge short liquidation of $1.54M.

MINA Crypto Technical Analysis 

Following the most recent swing low of the token price, the MINA coin has advanced by more than 100%. Based on the current scenario of the coin price, it is following an uptrend and has a crucial resistance level at $0.980. Thus, if the price breaks above the crucial resistance, it might result in a continuation of the uptrend.

MINA/USD Chart by TradingView

Leading to a fresh golden cross on the charts, the MINA coin price has advanced above the crucial EMAs. The value of the 50-day and the 200-day EMAs is consistently advancing on the charts, leading to higher levels with the price. 

The RSI for the Mina coin price is also acting bullish and sustaining above the 50-level. It shows that the buyers are dominant over the price. Moreover, the RSI is following a bullish cycle because it has recently hit the overbought zones.

Conclusion

The MINA coin is showing signs of a bullish trend on the daily timeframe. The crypto has risen by more than 100% since its recent swing low and is approaching a key resistance at the $0.980 level. If the price breaks above this level, it could continue its upward momentum and challenge its all-time high of $9.09.

Technical Levels 

• Support levels: $0.350 and $0.560
• Resistance levels: $1.220 and $1.660

Disclaimer

The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.