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- The price of the MINA crypto has advanced by 48% in the last 1 year.
- The supply inflation of the Mina crypto is very high.
Mina Protocol is a privacy-focused blockchain protocol created by Evan Shapiro and Emre Tekişalp and developed by O(1) Labs. Launched in 2021, it enables scalable dApps and cryptocurrencies using zk-SNARKs consensus. MINA tokens facilitate governance, transactions, staking for network security, and earning rewards on the lightweight, fixed-size blockchain.
The sentiment of the Mina crypto is bullish as per Coincodex and the fear and greed index is also denoting extreme greed. Also, the price of the crypto is highly volatile (10.98%).
With a volume/market cap ratio of 1.96%, the market cap of the crypto is $1.17 Billion which has declined by 0.80% in the last 24 hours. Also, the value of the traded volume over the last 24 hours is $23.005 Million which further has witnessed an advance of 4.15%.
The market cap ranking of the Mina crypto is #90 as per CoinMarketCap following which the market cap dominance of the crypto is 0.05%. Also, the circulating supply of the crypto is 1.082B MINA and the total supply of the crypto is 1.144B MINA.
The maximum supply of the crypto is infinite followed by a fully diluted market cap of $1.237 Billion. This is further followed by a supply inflation of 23.26% which is relatively high.
The all-time high price for the crypto is $9.91 which was achieved on June 01, 2021, and the price of the crypto since then has declined by 89.1%. Moreover, the all-time low price of the MINA crypto is $0.352 and the current price of the crypto is 205% above the all-time low price.
Mina Crypto Derivatives Analysis
Mina crypto has witnessed higher long liquidations over the last few weeks which shows consistent dominance of sellers in the crypto. Also, over the last 24 hours, the crypto has witnessed a long liquidation of $12.08K.
The derivatives trading volume for the crypto price has witnessed a decline of 1.09% in the last 24 hours which results in a traded value of $31.68 Million. Following this, the open interest of the crypto has declined by 0.41%.
MINA Crypto Derivatives Analysis
The price of the MINA crypto was trading inside a rising wedge pattern and failed to sustain inside the wedge pattern. This further led to a breakdown in the trading price of the crypto.
The price of the crypto further is currently retracing to the breakdown levels. The following behavior of the price shows weakness in the price. The price of the crypto might further decline to lower levels and lower support levels.
MINA/USD Chart by TradingView.com
The trading price of the MINA crypto has declined below the 20-day and the 50-day EMAs and is currently trading at the 200-day EMA. If the price of the crypto further breaks below the 200-day EMA, a further decline in the trading price of the crypto might be witnessed.
The MACD has also declined below the zero level followed by the signal line declining below the same. This is further followed by a bearish crossover in the following given metrics.
The RSI has declined from the overbought zones to lower levels and is currently trading at a level of 40.30. It also has declined below the 14-day SMA which represents weakness in the trading price of the crypto.
Summary
The MINA crypto’s price broke below a rising wedge pattern, indicating bearish sentiment. With declining EMA support and MACD signaling a bearish crossover, further price decline is likely. RSI dropping from overbought to 40.30 signifies weakening momentum. Derivatives data shows consistent sellers’ dominance, suggesting a continued downward trend.
Technical Levels:
- Support Levels: $0.350 and $0.570
- Resistance Levels: $1.30 and $1.700
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
