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Mina has raised $92 million from investors, money that will go towards expanding its ecosystem.
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Mina is looking to become a leader in the Zero-Knowledge smart contracts space.
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Mina is currently on an uptrend as investors bet on higher prices after the current funding round.
Mina MINA/USD is one of the most promising projects at the moment. It is one of the cryptocurrencies that are working towards privacy-focused smart contracts. This is a big deal because as Web 3.0 comes alive, privacy will become one of the most important things that people will focus on. It’s only logical considering that part of the biggest issues with Web 2.0 is the centralization of power in the hands of a few big corporations and the commercialization of personal data.
Besides taking on one of the biggest aspects of the crypto market, Mina now has the resources to move ahead with its plans. On March 17th, Mina announced that it had raised $92 million in a round of funding led by crypto heavyweights such as FTX Ventures, Three Arrows, and other investors.
Mina intends to use this money to actualize its goal of becoming the number one blockchain in developing Zero-Knowledge Smart Contracts.
This move seems to have excited investors, which is reflected in its price action. Mina has been up by 36% in the past week, making it one of the best performers in the week. Mina continues gaining upside momentum, an indicator that investors expect it to hit even higher prices in the short to medium term.
Moving averages point to more gains
Source: TradingView
In the past 24-hours, Mina has been trending up. In this period, the 20-day MA has been outpacing the 50, and 100-day moving averages. This is an indicator that the price is rising at an accelerated pace. If buying volumes increase in the entire crypto market, MINA could easily test prices above $3 in the short term.
Summary
Mina is gaining upside momentum at the moment. The moving averages are all turning bullish, indicating that MINA could test higher prices in the short term. This price action has been triggered by news that MINA had raised $92 million from investors, which will use to grow its ecosystem.