MINA Rallies After The Release Of First Mina Foundation Annual Report

Annual Report Serves As An Upside Catalyst For MINA

MINA, the token of Mina protocol which is built to run DApps, has recently managed to gain strong upside momentum.

Mina Foundation has recently published its first Annual Report, which served as an upside catalyst for MINA. In this report, Mina stated that there was 75,604 unique accounts on the Mina ledger as of November 2021. Account growth has been spectacular as there were less than 5,000 accounts when the mainnet was launched in March 2021.

Mina also noted that its popularity in online communities has grown significantly. For example, its Twitter account grew by 445% while the number of people subscribed to Mina’s newsletter increased by 286% from February through December 2021.

Just like many cryptocurrencies, Mina has experienced a significant pullback from highs that were reached back in November 2021, and it remains to be seen whether the Annual Report will provide enough support to break the recent trend. However, it should be noted that the technical picture looks bullish.

MINA Managed To Get Back Above The 50 EMA

MINA managed to get above the 50 EMA at $3.85 and is trying to settle above the next resistance level at $4.15. Back in December, MINA also made an attempt to settle above the 50 EMA but lost momentum and pulled back.

In case MINA gets above the resistance at $4.15, it will head towards the next resistance level at $4.40. A move above this level will push MINA towards the resistance at $4.85.

On the support side, MINA should get some support near the 50 EMA. In case MINA moves back below the 50 EMA, it will head towards the support at the 20 EMA at $3.65. A move below this level will open the way to the test of the support at $3.50. In case MINA declines below $3.50, it will head towards the next support at $3.30.

Taking a look at H1 chart, we can see that RSI returned into the moderate territory, so MINA has a decent chance to gain upside momentum in the near term. It is an important moment for MINA since failure to gain additional momentum may push it back below the 50 EMA on the daily chart, which will be a disappointing development for MINA bulls.