MINA Protocol is a minimal “succinct blockchain” built to curtail computational requirements in order to run DApps more efficiently. Mina has been described as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage. The project was rebranded from Coda Protocol to Mina in October 2020. Mina is similar to Bitcoin, apart from how it handles transactions, but also employs the account model used in Ethereum. Let us <a href="https://www.cryptoknowmics.com/news/mina-technical-analysis-buying-pressures-gain-on-momentum-and-price-increases-trying-to-break-out-of-immediate-resistance-level-at-4-70/">look</a> at the technical analysis of MINA.
<h2><b>Past Performance</b></h2>
MINA opened on 22 October 2021 at $4.19. The first part of the week witnessed a daily increase in the price. However, the later part witnessed a decline. It closed on 28 October 2021 at $4.66. This was a weekly change of +11.21%.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/n/nBDnda15.png" alt="TradingView Chart" />

Source: <a href="https://www.tradingview.com/x/nBDnda15/">https://www.tradingview.com/x/nBDnda15/</a>
<h2><b>MINA Technical Analysis</b></h2>
The price chart took support at $4.129 on October 22, 2021, to start increasing. At that time it was facing resistance at $4.386. Later, it broke the resistance and increased till hitting the resistance region between $4.997 and $4.889, after which it again declined. The declining trend then took support at $4.299. The current trading price of MINA is $4.566, which is 2.06% down as compared to yesterday’s close.

<strong>OBV</strong> is showing a dip at the end of its graph. This means that the selling pressure is beginning to dominate the buying pressure. This can be a negative signal and the traders may take a short position here.

<strong>RSI</strong> is currently at 54.16. It is also showing a dip at the end of its graph, meaning that MINA is losing its strength. This is a bearish signal. Thus, the price could slide down more from here.

<strong>MACD</strong> can be seen forming a divergence from the price chart. This is a bullish signal, meaning that a trend reversal can be seen. The fast and the slow lines are moving in the positive region.
<h2><b>Day-Ahead and Tomorrow</b></h2>
Fib Retracement shows that the trend reversal in the middle of the week took place around the Fibonacci pivot point of $4.8. MINA price then took support at the pivot point at $4.4 to again reverse the trend.

Thus, the indicators are giving mixed signals. The traders may hold their positions and wait for a clear call. Meanwhile, investors can keep the target at $5.666 and the stop-loss at $4.328.

MINA Technical Analysis: Price Facing Resistance at $4.386

MINA Fib Retracement shows that the trend reversal in the middle of the week took place around the Fibonacci pivot point at $4.8. It then took support at the pivot point at $4.4 to again reverse the trend. Thus, the indicators are giving mixed signals. The traders may hold their positions and wait for a clear call. Meanwhile, they can keep the target at $5.666 and the stop-loss at $4.328. 

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

MINA Technical Analysis: Price Facing Resistance at $4.386

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