Mina Protocol (MINA) rallies 25% after raising $92M and scoring a Coinbase listing

Key Takeaways:

  • Mina Protocol's MINA token rallied 60% in a week, and broke above a key resistance
  • Several technicals back the bullish outlook
  • Mina surge came after a $92 million token sale and was further fueled by the Coinbase listing
Mina, Mina Protocol (MINA) rallies 25% after raising $92M and scoring a Coinbase listing
image from medium.com

YEREVAN (CoinChapter.com) – “World’s lightest blockchain” Mina Protocol’s same-named token settled at $2.5 at the New York session opening bell on Mar. 24. The token briefly peaked at $2.8 the previous day, after a 60% rally in a week, following an all-time low of $1.5.

Mina Protocol (MINA) daily price action on Mar. 24. Source: CoinMarketCap.com
Mina Protocol (MINA) daily price action on Mar. 24. Source: CoinMarketCap.com

In short, the “succinct blockchain” token traded in a bullish formation dubbed the Falling Wedge since late November. The formation consisted of two converging trendlines that enclosed the price action and gradually lowered the value.

As a result, after bottoming out and exhausting the setup, the token typically breaks the resistance and takes off in a bullish rally. MINA complied with Falling Wedge’s prediction, broke the resistance, and retested the trendline as support several sessions later before initiating a new leg up.

Also read: DOGE jumps 12% as crypto ATM chain embraces Dogecoin.

Mina Protocol (MINA) daily chart, featuring a falling wedge. Source: TradingView.com
Mina Protocol (MINA) daily chart featuring a falling wedge. Source: TradingView.com

Moreover, momentum indicators backed the bullish outlook. The relative strength index (RSI; the purple graph) charted at 68, reflecting the traders’ high return expectations. In addition, the trend-based momentum indicator Moving Average Convergence Divergence (MACD; green/red histogram at the bottom) duplicated the results.

In detail, the MACD bullish crossover occurs when the MACD line (blue wave; difference of 12-day and 26-day EMA) moves above the MACD signal line (orange wave; 9-day EMA of MACD). MINA chart registered the said crossover on Mar. 16, and the MACD line adopted a bullish trajectory, hinting at an upside continuation.

Also read: Cardano rises 28% this week as ADA’s richest investors resume accumulation spree.

Additionally, the latest 60% surge came in the wake of a token sale aimed at accelerating the adoption of zero-knowledge proofs.

Mina’s Funding Round and Coinbase listing

In detail, Zero Knowledge Proof (ZKP) is a way of doing authentication without password exchange, which means they cannot be stolen. Here is how Mina Protocol described the feature:

The purpose of zero-knowledge proofs is to convince someone you know something without revealing what that thing is. For example, you might want to convince someone that you know the solution to a puzzle without giving them the solution

reads the website.

Moreover, Mina 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. The participants included Alan Howard, Amber Group, Blockchain.com, Brevan Howard, Circle Ventures, Finality Capital Partners, and Pantera.

Also read: Ethereum Classic risks serious declines as ETC rallies 70% in a week.

Additionally, Coinbase announced its MINA token listing on Mar. 23. However, the platform faced technical issues with the trading launch and commented that the delay would be temporary.

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Mina, Mina Protocol (MINA) rallies 25% after raising $92M and scoring a Coinbase listing

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