MINA Rallies by 11% as Broader Market Slowly Recovers

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Published: Dec 27, 2021, 10:20 UTC

MINA could soon break past its 50-day moving average as the coin has added more than 10% to its value in the last 24 hours.

The cryptocurrency market is slowly recovering from the poor performances recorded in the past six weeks and could end the year trading in the green zone. The total cryptocurrency market cap has gained nearly $200 billion over the past few days.

MINA Eyes the $4.5 Resistance Level

The crypto market is trading in the green zone again after recording massive losses over the past six weeks. Bitcoin is heading towards the $51k level while Ether could cross $4,100 soon if the current market momentum is maintained.

However, one of the biggest winners amongst the top 100 cryptocurrencies by market cap is MINA, the native token of the Mina protocol. Mina is a layer-1 protocol with a succinct blockchain.

The older blockchains like Bitcoin and Ethereum are known to store hundreds of gigabytes of data, with their blockchain sizes expected to increase over time. However, Mina operates differently. The blockchain size stays the same (around 22kb) regardless of the growth in its usage. This allows users to quickly sync and verify the network. Hence, helping to reduce the network’s vulnerability to a 51% attack and increase decentralization.

At press time, MINA is trading around $3.97 per coin, up by more than 10% over the past 24 hours. Despite its recent rally, MINA is still down by more than 30% from the November highs of $6 it recorded a few weeks ago.

There is no major catalyst behind this latest move as the broader market starts to move higher following its recent bearish performance.

MINA Trading Close to its 50-Day EMA

MINA’s technical indicators show that the cryptocurrency is recovering from its recent losses and could rally higher over the coming hours and days. However, MINA might need the support of the broader market if it should soar higher.

MINA is close to its 50-day EMA. Source: FXEMPIRE

The MACD line is still below the neutral zone but looks likely to break that barrier if the current market momentum is maintained. Furthermore, MINA is trading close to its 50-day moving average of $4.18, while the RSI of 57 shows that MINA is heading to the overbought region.

If the rally continues, MINA could break past the first major resistance level at $4.5 before the end of the day. An extended bullish performance would allow MINA to trade above $5 for the first time in weeks.