The Mina price jumped sharply on Thursday and Friday morning as investors reacted to the latest investment by leading companies. The token jumped to a high of $2.35, which was the highest it has been since February 20th. It has risen by more than 40% from its lowest level this month, bringing its total market cap to about $943 million.
It has been a big week for cryptocurrencies. For example, the Bored Ape Yacht Club managed to list their coin, APE, which has risen by over 1,300% in the past two days. At the same time, Synthetix announced that it was launching perpetual futures while Avalanche launched a $209 million metaverse fund.
Another big announcement came from Mina, which announced that it had raised $92 million from a group of investors like FTX and Three Arrows. The goal of this fund will be to bring more developers to the ecosystem. Like most capital raising in the industry, the developers raised the funds by selling the MINA token at a discount.
For starters, Mina Protocol is a leading layer 1 protocol that seeks to provide a better platform than what Ethereum and other platforms offer. It uses a technology known as zero-knowledge proofs, meaning that users don’t have to provide their data with the network.
Mina proce prediction
The four-hour chart shows that the MINA price had formed a giant falling wedge pattern before it made a bullish breakout on Thursday. By rising, the coin has managed to move above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the overbought level.
Still, it is unlikely that the Mina Protocol price will continue rising in the coming days. For one, there is a likelihood that many investors will start taking profit, which will lead to a pullback. If this happens, the next key support level to watch will be at around $2. This view will be invalidated if the price moves above $2.36.