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With the cryptocurrency market picking up again, many altcoins have been doing well to post impressive price gains. MINA is one such option and it posted an increase of 18.77% in the last day. However, what are the expectations for this asset?
Mina moves with the market
After seeing some modest losses earlier this week, it looks like the broader cryptocurrency market is about to take a profit. The market has gained 2.06% in the last 24 hours, its total capitalization is now $1.05 trillion and it is on way to an even higher profit.
MINA, an altcoin with huge potential, followed this trend upward. The digital asset is currently trading at $0.6979, up an impressive 18.77% over the past 24 hours. MINA is among the top 100 asset performers and its prospects currently look attractive.
Despite the price hike, it should be noted that MINA's technical characteristics have not necessarily improved. The cryptocurrency is still below most of its moving averages (MAs), with the price just above the 200-day key of $0.683. In the short term, higher asset prices should help offset some of those losses, so investors will likely want to see how that plays out.
The Moving Average MINA (MACD) Negative Convergence indicates that the asset is giving a sell signal. However, investors will be impressed by the Relative Strength Index (RSI) at 37.63, which indicates that it is close to overbought levels.
Recovery madness
Mina Protocol is a blockchain platform that aims to be lighter and more flexible for application developers. Created by 0(1) Labs and launched on the mainnet in early 2021, this blockchain aims to maintain a fixed size of no more than 22KB, no matter how many transactions you make at a time. This tool should help anyone manage a node and enhance the security of a blockchain without the need for sophisticated computing equipment.
MINA, the native blockchain token, is used to process transactions. Users can exchange digital assets for other currencies or stocks to support the blockchain platform and validate transactions.
So far, there is not much to say about the reason for the rise in the price of MINA, which indicates that the market period has been greatly extended originally.
Cryptocurrency investors were especially excited about 2023 as the general market started off strong. And with many still awaiting a possible reversal of hawkish monetary policy by the Federal Reserve in the coming days, currency prices are steadily rising.
So far, the Fed has not indicated specifically how it will handle the interest rate issue. However, the consensus remains strong in favor of a rate cut at the upcoming meeting of the Federal Open Market Committee (FOMC). If this happens, investors will have access to more capital, which will lead to money flowing into riskier assets, especially cryptocurrencies.
Is Mina worth the risk?
There is a lot of promise for MINA as a future cryptocurrency asset. However, investors may also remain cautious as the current bearish conditions continue.
At the same time, some assets can generate impressive returns for value investors.
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