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After an explosive +140% rally, Mina Protocol (MINA) price has crashed down -7% in a dramatic retracement move, leaving some panicked bag-holders asking ‘Is Mina Protocol Going to Zero?’.
This comes amid a collapse in 24-hour trading volume, which surged to $1bn in the midst of the skyrocket move, before tumbling back down to current levels at $82m.
Top 10 #Crypto Performers in past 7 Days within Top 200 Marketcap Coins:
1. $FLOKI 94.89%
2. $PEPE 83.31%
3. $MINA 59.20%
4. $TRB 55.66%
5. $CFX 49.86%
6. $INJ 47.51%
7. $LINK 42.74%
8. $RUNE 40.24%
9. $LQTY 38.52%
10. $POLY 38.17%— Ava monaro (@AvaMonaro) October 27, 2023
Despite the retracement move, Mina Protocol is still sat atop a 59% week-on-week gain – leaving healthy gains in the wallets of MINA holders and ranking the promising project in the top 10 weekly gainers.
MINA Price Analysis: As MINA Retraces Down From Skyrocket Rally – Is Mina Protocol Going to Zero?
The retracement move has left Mina Protocol currently trading at a market price of $0.62 (representing a 24-hour change of -4.93%).
However, three days of consolidatory moves has left with emerging footing around the $0.60 price level – suggesting bullish sentiment remains at a higher week-on-week level.
Mina Protocol’s major rally was triggered by a broader market surge after Bitcoin price flew to a 17-month high following the emergence of a CUSIP number for BlackRock’s spot ETF application.
With price now sat high above both the 20DMA (sat at $0.43) and the 200DMA (sat at $0.48), a rising 20DMA appears to be rapidly heading towards a potential future golden cross pattern – which could trigger a second rally leg after consolidation.
Yet, despite the ongoing consolidation, the RSI indicator remains significantly overheated at 69.43 – a bearish signal that could demand prices push down lower.
This is contrasted by the MACD, which continues to depict bullish momentum at 0.0322, suggesting that consolidation here is more likely than further downside.
Overall, while cooling-down following a decline in trading volume, MINA appears technically strong here, with a second rally leg clearly on the cards if MINA bulls can cement consolidation at this level while awaiting a golden cross from moving average levels.
Mina Protocol therefore has an upside target at higher support above $0.775 (a possible +25.89%).
While downside risk could see Mina Protocol plummet down to $0.50 (a potential -18.78%).
This leaves MINA with a risk: reward ratio of 1.38 – a solid entry with reasonable upside return, and certainly not going to zero anytime soon.
But while MINA battles against retracement, a new meme coin presale is emerging as a favored play amid an unfolding meme season.
Meme Kombat Presale Smashes $780k in Funding As Meme Coin Fever Takes Hold
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
$MEME fire sale or something… pic.twitter.com/MVhhGYqdAo
— Meme Kombat (@Meme_Kombat) October 27, 2023
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
Delivering GameFi to Crypto Rivalries in Dramatic Fashion with Staking
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $1.667, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Are we doing this correctly @elonmusk? pic.twitter.com/4dYsyKgdXL
— Meme Kombat (@Meme_Kombat) October 27, 2023
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
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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