Leading zero-knowledge blockchain Mina Protocol has seen MINA price drop into retracement following tough resistance, leading some panicked bag-holders asking is Mina Protocol going to zero?
This comes following a sensational week-long pump, which saw MINA price climb +120% amid a broader uptick in crypto asset values.
190K on-chain accounts — Our chain may stay the same size, but our numbers don’t
Decentralization + Scalability = Mina pic.twitter.com/eC2DnzT5Rl
— Mina Protocol (@MinaProtocol) December 26, 2023
Growth appears to have been fuelled by explosive scaling of on-chain activity across the blockchain, which now has 190k+ active addresses.
MINA Price Analysis: Is Mina Protocol Going to Zero Amid Retracement Move?
As downside price action grips the chart, MINA Protocol is currently trading at a market price of $1.29 (representing a 24-hour change of -2.26%).
The downtick in price appears to have been triggered by topside historical resistance around $1.48 – a level last touched in May 2022.
This showcases the significant recovery in MINA price, which broke away from steadfast under footing from the 20DMA on December 20.
Price is now heavily diverged away from the 20DMA (at around +39%), this creates a potential downside risk down to the current 20DMA price level at $0.92.
Meanwhile, the 200DMA (stood down at $0.52) has began to flip into ascendant posture – in a display of technical strengthening.
The sudden downtick can be explained best by looking at the RSI indicator, which is still showing severe overbought divergence at 74.73 – indicating a further need for retracement.
However, this is contrasted by the MACD which is continuing to show bullish momentum in price at 0.0520 – suggesting strong pressure remains in the chart.
Overall, MINA price looks strong here, with an overdue healthy retracement currently taking place that could set the stage for a second rally leg if price is able to consolidate recent gains at a lower support level.
This leaves MINA price with an upside target above resistance at $1.50 (a potential +16.32%).
While downside risk could see MINA price retreat down to 20DMA support at $0.93 (a possible -27.88%).
Mina Protocol therefore carries a risk: reward ratio of 0.59 – a bad entry that could leave traders exposed to substantial downside risk on the short-time frame – but certainly not going to zero.
But while Mina Protocol offers a downside outlook on the short-time frame, a Bitcoin cloud mining presale has exploded as traders take position in Beta plays ahead of the next halving.
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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 456.6 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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