Mina Protocol has remained relatively stable in today’s trading session, with no price movement currently. However, during the early hours of the trading session, the cryptocurrency showed bullish signals. In yesterday’s trading session, Mina’s price rose by more than 13 per cent.
Although the cryptocurrency has shown signs of a bullish trend this month, the Mina protocol has underperformed since the year started. In April, for instance, Mina lost over 35 per cent of its value. The cryptocurrency has also lost 43 per cent of its value since the year started. The drop, however, has been a result of an industry-wide bear market which caused most altcoins to drop by more than 30 per cent in April.
In April, the project received $92 million in funding. The fund drive was to help the platform drive its price for its native coin, MINA. However, the funding seems to have not had an impact on the market. After looking at the April data, this shows a 35 price drop. However, the funding is likely to have a significant impact in the future, which will translate into the markets resulting in a bullish trend.
Mina Price Prediction
The price of Mina retraced to the 23.6 per cent level of the Fibonacci retracement tool and failed to break to the upside. This resulted in the resumption of the long-term downward trend that has lasted for weeks.
Looking at the daily chart below, we can also see the Williams Alligator signals are aggressively bearish. Therefore, despite yesterday’s 13 per cent price gain, I expect the prices to continue the downward trend. There is a very high likelihood that the current bearish trend will see the prices hitting the $1.66 support level. There is also a likelihood of the prices breaking out of the support level to the downside. If that happens, then the next price level will be $0.94, a price the crypto has not traded since July 21, 2021.