While the MINA price has been rallying since December 19, Bitcoin Minetrix presale has surpassed expectations, reaching $7.1 million in crypto presale round. Image by Kerem Goktug Kaya, DALL-E 3.
Mina Foundation‘s MINA has been performing well since December 19, which can be attributed to a series of fundamental developments that have bolstered investor confidence and highlighted the cryptocurrency’s potential for growth.
One of the key developments has been the appointment of Kurt Hemecker as the new CEO of the Mina Foundation, announced on the same date. Hemecker brings a wealth of experience as a business development specialist in the FinTech sector. His leadership is expected to drive major strategic growth for MINA, leveraging his expertise and insights in the field.
Simultaneously, the Mina Foundation disclosed its strategic move to Geneva, Switzerland. This relocation is not just a geographical shift but a tactical one, tapping into Switzerland’s favorable regulatory environment and its vibrant cryptocurrency community. This move is perceived as a vital step towards MINA’s further expansion and integration within the global crypto ecosystem.
Introducing the Paima ZK layer
A year of work has gone into this ZK layer and we’re finally sharing the vision and the demo!
・Deployable ZK to any L1 ecosystem
・Use EVM & non-EVM in the same codebase
Powered by Mina, @ZekoLabs and @class_lambda pic.twitter.com/L9Ve7U5ynA
— Paima Studios (@PaimaStudios) December 19, 2023
Another factor contributing to MINA’s price increase is the launch of the Paima ZK layer. Developed through a collaboration between Paima Studios, Mina Foundation, ZekoLabs, and Class Lambda, the Paima ZK layer is expected to be a huge leap in blockchain gaming technology.
After a year-long development phase, the Paima ZK layer now enables the deployment of Zero-Knowledge (ZK) proofs across various Layer 1 (L1) ecosystems, accommodating both EVM and non-EVM codebases.
This layer’s unique capability to dynamically scale on-chain games by creating new ZK instances for load balancing mirrors the “world select” feature in traditional web2 games. With these fundamental factors setting a positive backdrop, a closer examination of MINA’s technical indicators and market trends can provide further insights into its future price trajectory.
MINA Price Prediction: An In-Depth Technical Perspective
Source: TradingView / MINAUSDT
MINA is currently trading at 1.5314 USDT, boasting an impressive market cap of approximately $1,57 billion. It’s noteworthy that its 24-hour trading volume has seen a 14.75% decrease, however, settling at $148.65 million. Such a dip in volume, while not necessarily alarming, does warrant attention as it could indicate a shift in trader sentiment or market dynamics.
Short-term Price Movements
In the short term, MINA has shown remarkable resilience and growth. The percent changes in its value — +4% in the last hour, +9% in the last 24 hours, and a substantial +28% over the past week — paint a picture of a cryptocurrency experiencing a strong bullish phase.
Moving Averages and MACD
A deeper dive into the technical aspects reveals an intriguing scenario. The 20-day EMA (Exponential Moving Average) stands at $1.4146, closely followed by the 50-day EMA at $1.3957 and the 100-day EMA at $1.3637. This alignment of EMAs is a classic bullish signal, indicating sustained positive momentum.
The MACD (Moving Average Convergence Divergence), a key indicator for traders, shows a slight increase from 0.1707 yesterday to 0.1770 today. This subtle change implies that the bullish trend is not just present but also strengthening.
RSI and Potential Overbought Scenario
On the other hand, The RSI (Relative Strength Index), currently at a high 81.87 (up from yesterday’s 81.22), signals that MINA might be venturing into overbought territory. Historically, such levels often precede a retracement as traders begin to realize profits, leading to a temporary pullback.
Chart Patterns and Price Targets
The hourly charts indicate an ascending triangle pattern, typically a bullish continuation pattern, suggesting that the MINA price might be gearing up for another breakout. The target prices, based on current patterns and resistance levels, are set ambitiously at 2.0888 and 2.9631 USDT.
Support and Resistance Levels
In terms of support and resistance, MINA’s golden support levels at 1.2425 and 1.2145 USDT offer strong foundations, with additional support levels at 1.3614 and 1.2923 USDT. On the resistance front, the immediate challenge lies at 1.5485 USDT. Fibonacci retracement levels further confirm these support and resistance zones, providing traders with key levels to watch.
Considering the current data and technical indicators, the MINA price seems to be on a robust upward trajectory. The overbought RSI levels necessitate caution, however, as they could hint at a potential retracement.
Traders might benefit from adopting a balanced approach, capitalizing on the upward momentum while being wary of potential pullbacks. Setting strategic stop-loss orders near key support levels could be a prudent move to manage risks effectively.
While Mina Protocol’s impressive gains have rewarded investors, the crypto market consistently births promising new projects. One new project catching the eyes of venture capital is Bitcoin Minetrix (BTCMTX), which seeks to open Bitcoin mining to all through an innovative staking model.
Staking Opens Bitcoin Mining to the Masses
Rather than demanding expensive hardware and expert know-how, Bitcoin Minetrix lets users stake native tokens to gain cloud mining power. This grants passive Bitcoin profits without the usual barriers to entry. By staking BTCMTX, holders will receive mining credits to tap into shared computing capacity, sidestepping the need to operate actual ASIC rigs or master complex setups.
Having steadily marched through presale stages, Bitcoin Minetrix has already raised over $7 million ahead of its official launch. The team is now focused on ramping up services, including exchange listings for enhanced liquidity, a supporting mobile app, and expanded mining power.
#BTCMTX provides a secure haven in cloud mining for all #Crypto fans.
Historical concerns about expensive gear and dubious cloud mining setups have discouraged many from participating.
This decentralized method ensures a clear and safeguarded mining journey. pic.twitter.com/sNd8354pKR
— Bitcoinminetrix (@bitcoinminetrix) January 1, 2024
Bitcoin Minetrix’s early traction has not gone unnoticed. Crypto analyst No Bs Crypto spotlighted the project’s potential, projecting possible 100x growth if momentum continues. YouTuber Connor Kenny also commented recently on Bitcoin Minetrix, highlighting its generous staking and mining rewards design aimed at delivering exceptional passive income.
The Next MINA? BTCMTX Set To Surge
As Bitcoin Minetrix is getting ready for launch, experts suggest its staking-based mining model positions the protocol to potentially capture attention and value much like Mina Protocol. While Mina grabbed interest for improved blockchain scalability, Bitcoin Minetrix promises to provide Bitcoin mining accessibility.
By merging staking with mining, Bitcoin Minetrix is creating a lower barrier to Bitcoin profits compared to operating overhead-intensive ASICs directly. Its mining credits system seeks to make earning from Bitcoin simple and achievable for regular crypto investors minus the usual complexity and expenses.
If Bitcoin Minetrix sees ongoing funding success and delivers a smooth launch, its community-focused mining model may position the protocol as a rising star to watch in 2024. Continued positive momentum could signal an upside ahead for early BTCMTX holders.
The post Is It Too Late to Buy Mina Protocol? MINA Price Jumps 8% as New Mining Protocol Receives $7 Million in Funding appeared first on Cryptonews.