YEREVAN (CoinChapter.com) – MINA, the native token of its same-named Network, traded at $2.8 in Thursday’s European session after jumping 6% in the previous 24 hours. The digital asset’s price action climbed above its 100-day exponential moving average (EMA-100; light blue on the chart below) and scored a golden cross EMA-20 (red wave) and EMA-50 (orange wave).
The formation occurs when a short-term MA crosses above a long-term MA, signifying that the price appreciation will continue as long as the short-term MA maintains dominance. Notably, the Golden Cross forms as an end result of a rally and is not a cause for its continuation. However, the short-term EMA wave could provide additional support for the price action.
Four-hour MINA chart bearish
Zooming into the four-hour chart revealed short-term bullish ques while maintaining an overall bearish tone. The digital asset formed a Rising Channel that would possibly take the price to $3.0 before attempting a breakout or settling for a resistance retest.
In detail, the said Channel consists of two parallel trendlines that push the price action incrementally higher while the latter repeatedly retests the support and the resistance.
Conversely, the MINA token diverged from the trading volumes and the relative strength index (RSI). In detail, while the digital asset’s price action printed higher highs, both the momentum oscillator and the trading volumes declined. The said divergence signifies a looming downtrend, as the traders don’t put enough weight behind the rally.
When will the Coinbase trading begin?
Meanwhile, as CoinChapter covered in the previous Mina review, Coinbase, the largest crypto exchange in the US, listed the token on Mar. 23. The platform enabled MINA transfers on Mar. 25. However, the trading was delayed until further notice.
Transfers have been re-enabled for MINA and are now available on @coinbase and @CoinbaseExch in the regions where trading is supported. In order to have full confidence in a successful launch of MINA, we have made the decision to continue to delay the launch of trading. pic.twitter.com/UNJRFU7Tgm
Additionally, Mina Protocol claims to be the first Layer-1 enabling the programmability of zero-knowledge smart contracts, zkApps. Thus, the organization behind the Protocol, Mina Foundation, announced a token sale on Mar. 16 to further develop the technology and brought home over $92 million.
FTX Ventures and Three arrows Capital led the funding round, while Alan Howard, Amber Group, Blockchain.com, Brevan Howard, Circle Ventures, Finality Capital Partners, and Pantera closed the list.
Lilit is a Yerevan-based Markets writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. She also has a background in psychology and marketing, which helps deliver the right message to the target audience.
SOL prices jumped more than 41% over the last seven days. The token likely reacted to news of Solana's...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.