MINA’s Spike Withers, Can the ZK Rollup Release Help It Reach $0.95? 

Bits Logics Team . 25th Oct 2023
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  • The co-founder of Paim was astonished at MINA’s increase in price and hoped it might further rise.
  • The Navigator Program enables developers to test their creativity on the MINA protocol.
  • MINA may have the potential to rise to $0.95 with an impending Zero Knowledge rollup.

Cofounder of Paima Studios Sebastien Guillemot tweeted that Mina had a huge increase in price. Paima Studios an advanced Web3 gaming engine partnered with Mina for Layer 2 Zero Knowledge project.  Hence, Guillemot who was excited about this project said that this was the perfect timing for Mina to increase with the impending ZK project to be released. 

Meanwhile, Mina stated:

“ We’re thrilled to introduce the largest zkApp grant program to date, Mina Navigators — with 6 million MINA token grants* earmarked from October 2023 to April 2024, the Navigator Program.”

This program aims to ignite a spark of creativity among developers on the Mina Protocol while accelerating their understanding of zero-knowledge (ZK) and Mina via monthly learn-to-earn technical challenges.

When considering the price movement of MINA it could be seen that the token was performing exceptionally well during the last 7 days. It was trading at $0.37 when the market opened for sale.

MINA/USDT 1-Week Chart (Source: CoinMarketCap)

The token was moving sideways until yesterday (October 24). But with the dawn of yesterday, the bulls shifted gears and took MINA towards greater heights. As a result, the token reached a maximum price of $0.9 yesterday. However, after reaching its maximum price, the bulls seem to have wearied out. Currently, MINA is making lower highs and is priced at $0.66 at press time. 

MINA/USDT 1-Day Chart (Source: Tradingview)

The above chart shows that MINA has been descending in a falling wedge in the recent past. It made lower lows and lower highs. As per the trading practice of setting the height of the wedge at its initial stage of formation to the breakout point, MINA seems to have risen by almost the height of the wedge. It rose from almost $0.35 to $0.75 while the target it needs to hit is just above at $0.8. 

However, at the current price of MINA, there are more traders buying than selling. Hence, its price may still go up. Additionally, the impending Zero Knowledge for next month may add more hope to the investor on MINA. Therefore, we could expect it to reach $0.95 or even $1.15. But if it crashes it could go back to square one at the $0.35 support level.

Disclaimer:The information and analysis are intended for informational purposes only. All views and opinions expressed should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research before making any investment decisions. Any actions taken based on the information presented by Bits Logics are at the reader’s own risk. The author or any affiliated parties shall not be held liable for any direct or indirect damages or losses resulting from such actions.