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The Mina price has followed Bitcoin’s bullish trajectory since mid-January 2023. After attaining weekly gains of 35%, the token jumped by another 8.71% at the time of writing.
After opening 2023 at a sub $0.50 level, Mina has been steadily climbing the charts. The increase was linear initially, but the bulls took control of the market in the last days of January 2023, leading to double-digit gains over the previous week. Will Mina maintain the same momentum in the days to come, or might we as well for another disappointing year?
Mina Price Analysis for 2022 and January 2023
The Mina price was trading at above $3 levels at the beginning of 2022. Some stumbles happened soon after, but it was in response to market movements. Those falls didn’t matter because Mina rebounded to above $3 in early April 2022.
But the retrace proved to be more powerful than the fall, for it was around the same time as the LUNA crash. The token’s value dropped to a sub-dollar level, which was lower than its 2021 lows. And from that point forth, the token started trending sideways.
The accumulation period lasted for 231 days with minor supports and resistances until January arrived.
Mina entered January 2023 as a sub-dollar crypto having a price of $0.43. But the token started to take a slight upward movement after 10th January. New support and resistance started to form, but the community paid no mind since the project hasn’t the most fashionable in the market.
But a major push to Bitcoin that pumped its value above $22.5k last week restored people’s faith in altcoins – Mina included. And thus, it witnessed its first parabolic jump of this year and pushed past $0.70. A short retrace later, bulls started watching Bitcoin as it blew past its $23k resistance. That instance motivated a buying frenzy which led to 35% weekly gains.
And at the time of writing, Mina is trading at $0.90. It is getting closer to its $1 mark – which is increasingly becoming a possibility as Bitcoin is showing no signs of slowing down.
Mina Price Prediction for 2023 – Technical Analysis of This Token
The weekly trading chart shows a slant double bottom pattern. In technical terms, it is referred to as a bullish reversal pattern, which means the token may reverse in a bullish direction, which has exactly how this token has performed.
But how long would this pattern hold up? For that information, we have to follow the market trends a bit longer. But for now, the token has been showing all the cautiously positive signs in the price charts.
The token has been moving well above its 59-day moving average since the middle of January 2023. And getting a current RSI of 70.52 puts it well into the oversold zone. Minor drops in prices are still happening, but they are often followed by a quick rebound, meaning that bulls are putting their all into ensuring that this token reaches that $1 mark.
Considering the current price trajectory that Mina is following, the resistance of $0.98 can be reached at any time. Once it does, we can see further bullish resurgence leading to the token crossing the $1.5 mark. However, if the token fails to do so and drops below its current support of $0.844, further retrace right occur.
That being said, the chances of the latter happening are less likely as the bulls are currently winning the market. And much of Mina’s price is hinging on how Bitcoin performs in February 2023.
Why is Mina Rising?
Mina’s price increase is the same reason as every other altcoin’s – Bitcoin’s bullish momentum. The world’s biggest cryptocurrency has gathered many bulls since the middle of January 2023 and has left behind its late 2022 lows.
Bitcoin’s revival has led other cryptocurrencies to grow alongside it. However, a closer inspection shows that might not be the only reason.
Mina is the world’s lightest token and has been long considered an undervalued asset due to its utility. And the recent surge due to Bitcoin’s momentum has put a spotlight on some of Mina’s own accomplishments.
Mina recently introduced a 3-month program to help developers and entrepreneurs with the zkApps and tools on the Mina protocol. The program also announced funding of up to $500k USDT and 500k MINA for those projects.
1/ 📢 Introducing zkIgnite, Cohort 1 ⚡️
This 3-month program aims to support the most ambitious developers and entrepreneurs building zkApps and tooling on Mina Protocol.
$500K USDC and 500K MINA is available in funding for top projects 💰
Learn more: https://t.co/W9N0DTttgm pic.twitter.com/25cL7bh3gF
— Mina Protocol (httpz) 🪶 (@MinaProtocol) January 17, 2023
It is known as zkignite, Cohort 1 Program, and is the biggest funding round Mina has organized. The program comprises weekly gatherings and challenges, including:
- Idea generation
- Drafting high-quality proposals
- Team formation
- Funding
- Budgeting and planning
- Intro to VC and Ipact funds
The aim here is to arm developers with the knowledge necessary to leverage Mina protocols to develop zkApps and create a business out of it. These challenges will bring innovative Web 3 projects to light, enhancing the appeal of Web 3 to the mainstream. Full details about the program are available here.
What is Mina?
Mina protocol is a lightweight blockchain designed to reduce the computational requirements to run decentralized applications. The project aims to make dApp development efficient, quick, and scalable.
Due to this minimalistic approach, crypto enthusiasts and the devs on Mina call the Mina protocol a “succinct” blockchain. The native payment system Mina has envisioned will allow developers to verify the platform from the first- genesis block.
Mina accomplishes this by using Zero-knowledge Succinct, Non-Interactive Arguments of Knowledge (zk-SNARKS). It is a cryptographic way of approving information without revealing it. But since Mina requires users to verify the platform from the very first block, zk-SNARKS is implemented incrementally in the final few blocks.
Mina completes these complex tasks with the help of its native token known as MINA. It is utility crypto and a medium of exchange.
Mina Protocol is Evolving Perpetually
Even in the bearish conditions of 2022, Mina was able to expand. The ecosystem now has 145 active developers. The latest tweet shows an excerpt from its Transparency Annual Report, 2022, stating that there are now over 135k on-chain accounts, 4,500 GitHub commits, and MIP#1 vote.
And since the project aims to motivate dApp developers, it has issued 16M tokens in grants so far.
You can check out more details about the Mina protocol in Jacob Crypto Bury’s price prediction video.
Is Meta Masters Guild Better Alternative to Mina Protocol
The arrival of 2023 has pushed the entire crypto space into the bullish zones that, so far, aren’t showing any signs of closing down.
But that’s not the time to get comfortable since even the bullish scenarios get overturned by one mishap. Furthermore, the currently traded tokens won’t give people parabolic returns as they did in the 2021 bull runs.
Therefore, better investment options lie in crypto ICOs, presales, and IEOs. They give a chance to move in early and bring massive gains through their potential upsides.
One such cryptocurrency is Meta Masters Guild.
Meta Masters Guild – A Fun-Centric P2E Project
Meta Masters Guild is the world’s first decentralized Web 3 gaming guild that aims to increase the crypto gaming adoption rate by using “fun” as a strategic element.
The project has realistic expectations. It understands that in order to entice more non-crypto gamers to blockchain gaming and sustain the GameFi economy, fun is the essential element.
That will bring players that are more interested in gameplay than earning – a move that will help maintain Meta Master’s economy.
Those factors have turned this crypto into a presale success. Within a short few weeks, the token has raised upwards of $2.4 million tokens. The hard cap is placed at $4.97 million – which is now getting closer since four of the seven presale stages are close to getting cleared.
Those interested in participating in this presale can go to the official website, connect their wallets, and buy the tokens at a discount price of 0.016 USDT. The end of the current stage of presale will increase the price of the token to 0.019 USDT.
Meta Masters’ realistic and accessible approach to P2E gaming makes it plausible that it will follow through with its roadmap. It is not showing big dreams but legitimate potential upsides that we can all get behind.
So, if you are still on the fence, you better hurry and participate in the presale before the token ends up on cryptocurrency exchanges.
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