MINA, the native token of the succinct blockchain Mina protocol, started the year with a dull outlook, but the scale started to tilt in the second week of January as bulls raised the price 30% between January 8 and January 16 to a high of $0.58. From then on, the bulls took the driver’s seat, leading MINA price to record more gains and trade above the $1.0 mark.
With a surging trading volume for the MINA token, the Friday and Saturday trading sessions stood out as the price soared 62% to a high of $1.155 on February 11. Bears are currently trying to break the rally and cut down on the ground covered, but the technicals support the upside as bulls plan a 44% run to $1.6.
At the time of writing, the MINA price was trading at $1.098, 4.49% higher than the last day. The token’s trading volume had also increased by 22.81% to $335.83 million, along with a 5.05% surge in market cap to $921.66 million, placing the token at #54 on CoinMarketCap.
MINA Price Soars As Cohort 1 Launch Date Approaches
As its size is designed to remain constant despite growth in usage, the Mina protocol is the world’s lightest blockchain, touting itself as a minimal “succinct blockchain” built to curtail computational requirements to run DApps more efficiently.
At the core of the Mina protocol is to deliver an efficient distributed payment system where users can natively verify the platform right from the genesis block. Mina’s technical whitepaper dubs this a “succinct blockchain.”
The recent price surge for the MINA token comes as the launch date for Cohort 1 draws near. ZkIgnite, christened Cohort 1, is a three-month program initiated to support “the most ambitious developers and entrepreneurs building zkApps and tooling on Mina Protocol.”
4/ Want to build decentralized applications that solve real-world problems?
zkIgnite is the builders program for you ⚡️
Sign up today! https://t.co/WdNKDsR61s
— Mina Protocol 🪶 (@MinaProtocol) January 17, 2023
Top projects will be liable for $500K USDC and 500K MINA, according to an official Mina protocol blog. With the launch date slated for February 15, the Mina protocol has sent a kick-off call to builders, including developers, designers, marketers, and operations extraordinaire.
Builders, save the date! 🗓️
Cohort 1 launches on Feb 15 with a kickoff call that will cover:
⚡️ Program intro with @evanashapiro
⚡️ zkApp vs Dev4Dev challenges and Q&A
⚡️ Innovation Platform walkthrough
⚡️ Project brainstorming session
Register here: https://t.co/jAqlsZbWXn
— Mina Protocol 🪶 (@MinaProtocol) February 11, 2023
From the blog, the 12-week program will see participants engage in a series of weekly gatherings and challenges, including generating innovative ideas, drafting high-quality proposals, team formation, funding, budgeting and planning, technical support throughout the building, and introduction to VC and Impact Funds for further funding.
The hype around the Cohort 1 launch date builds atop excitement from the ecosystem progress report released on February 7.
There was lots of exciting progress in the ecosystem last month — read the blog for full details.
Thank you to all of the contributors for your hard work! [12/12]https://t.co/6j25qDTmLg
— Mina Protocol 🪶 (@MinaProtocol) February 8, 2023
The report detailed key highlights in the various projects, tooling, and resources the Mina ecosystem and community worked on over January.
Following the catastrophic crises that befell organizations in the crypto sector across 2022, firms have made a point of giving customers a status report every so often. This is part of their efforts to inspire trust and confidence among investors and maintain their positions within respective ecosystems.
Key Levels To Watch As MINA Bulls Plan A 44.14% Ascent
At the time of writing, MINA was trading at $1.098 as bulls set their eyes on the $1.6 level. With this target, there were certain key levels to watch.
For starters, MINA bulls were confronting the immediate roadblock at the 78.6% Fibonacci retracement at $1.118. An increase in buying pressure past this level could see bulls flip this resistance into support and use it as the jumping-off point to the next key level. Investors should therefore watch for a candlestick close above this level.
If bulls breach the first obstacle, the next logical target would be the 107% Fibonacci retracement at $1.371, and if their ambition was not capped at that level, the price could soar higher to retest the 132% Fibonacci retracement at $1.594 last tagged in May, before the Terra crisis sent the whole market to unprecedented lows.
MINA/USD Daily Chart
The bullish targets for MINA price were highly likely, given that the Simple Moving Averages (SMAs) were about to call a golden cross that would occur once the 50-day SMA (line in yellow) crossed above the 200-day SMA (line in purple) as shown in the chart (above).
A golden cross is a technical indicator that occurs when an asset’s short-term moving average (50-day) rises above a longer-term moving average (200-day). When traders see a Golden cross occur, they view this chart pattern as indicative of a strong bull market.
Notice that the price had called another bullish cross last week when the 50-day SMA crossed above the 100-day SMA. The call to buy was validated in the Friday and Saturday trading sessions as the MINA price soared to heights last tested in May.
The upward movement of the Moving Average Convergence Divergence (MACD) indicator also added credence to the bullish outlook, moving upwards in the positive territory above the mean line. The histograms also flashed deep green to show more bulls than bears in the MINA market.
On the other hand, the MINA price was threatened by the position of the Relative Strength Index (RSI) at 71. When a token’s RSI rises above the 70 level, the asset is considered overbought, and the price is due for a pullback. After the remarkable rally that MINA bulls recorded on Friday and Saturday, their buying momentum appears to be wearing out. This explains the downward shift of the RSI.
If the rally south continues, MINA price would be looking at certain key levels, starting with the 50% Fibonacci retracement at $0.863. If selling pressure continues past this level, the most realistic target is the 23.6% Fibonacci retracement embraced by the 200-day and 50-day SMAs. These were levels of supplier congestion, and bulls could use them to their advantage, possibly as a spring back to more gains. In extreme cases of a sell-off, the price could revisit the $0.417 support floor.
Take note of the RSI, which is about to give a sell signal once it finally crosses below the signal line (yellow).
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