- Mina Protocol (MINA) pumped 6% in 24 hours.
- The 4h chart spelled trouble for the token
- Coinbase has not yet launched MINA trading
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.
The said formation does not predict a particular bias after the digital asset breaks in either direction.
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.
Despite Coinbase’s silence on the matter, many Twitter users got restless, expecting the trading to begin on Mar. 31.
As of noon GMT, the trading has not yet commenced.
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.