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.

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

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