Is it too late to buy the Mina protocol? Crypto experts give their MINA price predictions

by Arthur · February 16, 2023

As the Zero-Knowledge narrative continues to excite crypto markets. $MINA token’s impressive +125% rally looks set to continue climbing.

MINA is in strong price recovery mode in the wake of a challenging crypto winter. Bolstered by a wave of market interest surrounding the adoption of ZK-Snarks by Binance, MINA has climbed to become the 55th ranked cryptocurrency.

The explosive price action MINA saw this week started back in January. With huge +38% green candles breaking weekly resistance at $0.60 on January 25th. Setting the stage for an incredible February rally.

After brief consolidation, the price broke decisively last Friday – with a 55% rise in just 48 hours. Critically, this broke through key psychological resistance at $1.00.

With continued strong buying pressure. A well-defended consolidation pattern held on Monday and Tuesday produced a sensational move on Wednesday.

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What happened to MINA yesterday?

Yesterday saw a +41% pump – swing price back above $1 to reach a peak of $1,249. The massive move was only halted by resistance from the upper trend line at $1.25 – a level not seen in 9 months since May 2022.

Now set in a local retracement. MINA bulls have proven that they can break the $1 price level twice. Now the real test shows that they can consolidate here and turn $1 to support in the next 48 hours.

If this is successful. Next, a retest of $1.25 is on the cards, which if broken would see a +25% rally to historical resistance levels of $1.35.

If consolidation of $1 fails. Then, a breakdown is likely to see a test of support from the lower trendline – which is set to converge with the 200-day MA at $0.80. Price action has not touched the lower support line in almost a week.

How high can MINA go?

RSI 14 confirms positive sentiment around buying pressure. Reading a level 56 – RSI has cooled down quickly from yesterday’s push up. When the RSI clearly moves from overbought to oversold territory, a picture emerges of a rally with room left to run.

MACD also supports this bullish sentiment, reading at 0.005 suggesting the rally still has momentum.

Open interest is also illuminating. Despite bullish chart structure and bullish indicators. CoinGlass suggests open interest is majority deficit at 53.39%. This can reveal market sentiment.

Overall with an upside target of $1.35 (+24.3%) and downside risk of $0.80 (-26.4%). Risk: Reward for MINA is 0.92.

This is not the strongest entry and it may well be worth observing consolidation moves to seek a better entry. However, bullish structures and indicators should provide reassurance to open positions.

Other alternatives to MINA

Along with MINA, there are a number of other high-potential altcoins on the market right now. Accordingly, we have listed them in an overview of the 15 best cryptocurrencies for 2023, as analyzed by CryptoNews Industry Talk team.

The list is updated weekly with new altcoins and ICO projects, so remember to check back for new entries.

^{Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.}