MINA/USD has collapsed from $6.7 to $2.06 since November 11, and the current price stands at $2.26.
World’s lightest blockchain
Mina is the world’s lightest blockchain, powered by participants with a mission to build a gateway between the real world and crypto.
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Many other blockchain protocols don’t interact with the internet; they are heavy and require intermediaries to run nodes, limiting applications’ utility.
Mina can interact with any website, enabling developers to leverage information in computing to change real-world problems without compromising the privacy of users’ sensitive data.
Mina does not require intermediaries to run nodes, and the entire Mina blockchain is about 22kb1, the size of a couple of tweets.
This blockchain will stay accessible even as it scales because it was built on a consistent-sized cryptographic proof.
Anyone can connect peer-to-peer and quickly sync and verify the chain, while participants can also access strong censorship resistance and secure the blockchain.
Mina is truly decentralized, so anyone who’s syncing the chain is also validating transactions like a full node and can take part in proof-of-stake consensus.
This blockchain project dedicates lots of effort to provide the simplest possible experience for clients who may have no familiarity with the crypto space, and it has one of the largest and most active communities.
The native token of this blockchain is the MINA which is used to execute network transactions. Users can also stake their MINA tokens to earn a reward while securing the network or exchange it like any other cryptocurrency.
MINA token has achieved an impressive gain in the second week of November 2021, and it has reached a record high of $6.7 on November 11. MINA is currently down more than 65% from its peak, mainly because the prices of all other cryptocurrencies went down.
The U.S. central bank signaled interest rate hikes starting in March and a shift away from pandemic-era economic support measures. In such conditions, risk-on assets tend to suffer as the cost of borrowing money becomes more expensive.
Bears in control of MINA
MINA has collapsed from its record high of $6.7, registered on November 11, and according to technical analysis, it remains in a bear market.
The current support level for MINA stands at $2, and if the price falls below it, the next price target could be around $1.5 or even below.
On the other side, if the price jumps above $25, it would be a strong “buy” signal, and we have the open way to a resistance level that stands at $30.
Summary
MINA has collapsed from its record high of $6.7, and according to technical analysis, this cryptocurrency remains in a bear market. Investors should consider that if Bitcoin falls below the $30000 support, the price of MINA can weaken even more.
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