Leading zero-knowledge blockchain Mina Protocol has seen MINA price drop into retracement following tough resistance, leading some panicked bag-holders asking is Mina Protocol going to zero?
This comes following a sensational week-long pump, which saw MINA price climb +120% amid a broader uptick in crypto asset values.
190K on-chain accounts — Our chain may stay the same size, but our numbers don’t
Decentralization + Scalability = Mina pic.twitter.com/eC2DnzT5Rl
— Mina Protocol (@MinaProtocol) December 26, 2023
Growth appears to have been fuelled by explosive scaling of on-chain activity across the blockchain, which now has 190k+ active addresses.
MINA Price Analysis: Is Mina Protocol Going to Zero Amid Retracement Move?
As downside price action grips the chart, MINA Protocol is currently trading at a market price of $1.29 (representing a 24-hour change of -2.26%).
The downtick in price appears to have been triggered by topside historical resistance around $1.48 – a level last touched in May 2022.
This showcases the significant recovery in MINA price, which broke away from steadfast under footing from the 20DMA on December 20.
Price is now heavily diverged away from the 20DMA (at around +39%), this creates a potential downside risk down to the current 20DMA price level at $0.92.
Meanwhile, the 200DMA (stood down at $0.52) has began to flip into ascendant posture – in a display of technical strengthening.
The sudden downtick can be explained best by looking at the RSI indicator, which is still showing severe overbought divergence at 74.73 – indicating a further need for retracement.
However, this is contrasted by the MACD which is continuing to show bullish momentum in price at 0.0520 – suggesting strong pressure remains in the chart.
Overall, MINA price looks strong here, with an overdue healthy retracement currently taking place that could set the stage for a second rally leg if price is able to consolidate recent gains at a lower support level.
This leaves MINA price with an upside target above resistance at $1.50 (a potential +16.32%).
While downside risk could see MINA price retreat down to 20DMA support at $0.93 (a possible -27.88%).
Mina Protocol therefore carries a risk: reward ratio of 0.59 – a bad entry that could leave traders exposed to substantial downside risk on the short-time frame – but certainly not going to zero.
But while Mina Protocol offers a downside outlook on the short-time frame, a Bitcoin cloud mining presale has exploded as traders take position in Beta plays ahead of the next halving.
Mina Protocol Alternative? Don’t Miss Bitcoin Minetrix $BTCMTX Presale As $6.5M Raised
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$6,519,006 raised.
Offering an enticing 141% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.
The true essence of passive income in the crypto world has never been this accessible.
Opt for #BitcoinMinetrix for seamless mining!
Entering cloud mining and waving goodbye to concerns about selling hardware. #BTCMTX manages upgrades, empowering users to concentrate on their $BTC journey, free from outdated equipment hassles. pic.twitter.com/JX3G4zG2BP
— Bitcoinminetrix (@bitcoinminetrix) December 27, 2023
With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
$7M In The Crosshairs: Bitcoin Minetrix Surges Past $6.5M As Markets Rush To Bitcoin Cloud Mining
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 456.6 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.m
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over Mina Protocol Price Retracement:
Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $5.64m raised towards its $6M goal. At a competitive price of just $0.0123 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
Secure your position in this transformative journey by joining the BTCMTX presale today.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Is Mina Protocol Going to Zero? MINA Price Drops as New Mining Protocol Secures $6.4 Million appeared first on Cryptonews.