Leading zero-knowledge blockchain Mina Protocol has seen MINA price drop into retracement following tough local high resistance, leading some panicked bag-holders asking is Mina Protocol going to zero?
This comes as the fourth day of decline, following a sensational week-long pump, which saw MINA price climb +120% amid a broader uptick in crypto asset values.
While waiting 1.5 hours for a $MINA transaction 🐢. I noticed that 99% of $MINA tokens are in staking and out of 1.1B tokens, in circulation are less than 8M. This means that $MINA price can accelerate to any numbers atm, as there is no pressure on the price. https://t.co/pZsWtXr1sD pic.twitter.com/xI21uBJbR6
— 𝙼𝙰𝚇𝚘𝟺𝙸𝙼 (@MAXo4IM) January 1, 2024
The losses come amid a huge swathe of MINA supply being locked into staking, which leaves a miniscule circulating supply at play in MINA price moves.
MINA Price Analysis: Is Mina Protocol Going to Zero Amid Multi-Day MINA Price Drop?
As MINA price hammers down for the fourth day in a row, Mina Protocol is currently trading at a market price of $1.18 (representing a 24-hour change of -8.88%)
This comes after price rejected at a local high of $1.69 on January 2, in a tumultuous tumble that has seen MINA price drop -29.27% over the course of this week.
Now on an imminent crash course with the 20DMA at $1.163, bulls are targeting a foothold between $1.16 and $1.20 – this would mark a crucial bounce as the 20DMA has provided supportive structure for much of MINA’s recent gains.
Lower support levels can be found at $1.07 and $0.97, although the the 200DMA remains low at $0.50.
Meanwhile, the RSI has cooled-off significantly with the recent downtick in price, although the RSI remains on a minor bearish signal at 53.06 – this suggests a bounce could be found soon.
This receives further confirmation from the MACD, which is also showcasing minor bearish divergence at -0.0099 – suggesting the retracement move down to the 20DMA is likely.
Overall, MINA looks in the midst of a healthy and much needed retracement here, with all eyes on 20DMA support for signs of a bounce which would highlight a continuation of the bullish trend.
This leaves MINA price with a limited short-time frame target at $1.25 (a possible +5.69%).
While downside risk could see a drop to the 20DMA at $1.16 (a possible -1.92%).
MINA Protocol therefore carries a risk: reward ratio of 2.96 – suggesting a strong entry could be found amid this imminent bounce.
But while MINA traders deliberate over a potential +5.69% return, a better opportunity emerges in the Bitcoin Minetrix presale.
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Exciting Update! 📢#BitcoinMinetrix proudly reveals another major milestone, exceeding $7,500,000 raised! 🪙 pic.twitter.com/r4LHnlqd4T
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Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.m
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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