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Cryptocurrency prices drifted downwards on the final week of the year as concerns about a global recession coincided with those of high interest rates. Bitcoin darted lower and reached a low of $16,485. Other coins like XRP, ETH, and ADA dropped as well. Here is the crypto price prediction from the last week of the year.
Mirror Protocol (MIR)
Mirror Protocol, a dead cryptocurrency, was one of the best-performing cryptocurrencies in the final week of the year. It spiked to a high of $0.24, which was about 173% above the lowest level this year. It has now pulled back to $0.14.
Mirror Protocol was an important part of Terra’s ecosystem, as I wrote here. It used its technology to make it possible for people to buy and sell financial assets in a tokenized manner. For example, it was possible for people to buy Apple shares in a token form. The benefit of this was that users could trade these tokens on a 24-hour basis.
Mirror went obsolete following the collapse of Terra Protocol and the Terra USD stablecoin. Now, the price has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to the neutral point at 50. Therefore, I suspect that MIR price will remain under pressure as sellers target the key support at $0.1225.
How to buy Mirror Protocol
As MIR is such a new asset, it’s yet to be listed on major exchanges. You can still purchase MIR using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy MIR right now, follow these steps:
1. Buy ETH on a regulated exchange or broker, like eToro ›
We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.
2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask
You’ll need to create your wallet, grab your address, and send your coins there.
3. Connect your wallet to the 1Inch DEX
Head to 1Inch, and ‘connect’ your wallet to it.
4. You can now swap your ETH for MIR
Now that you’re connected, you’ll be able to swap for 100s of coins including MIR.
Serum (SRM)
Serum is another dead cryptocurrency. It was a leading player in Solana’s ecosystem, where it had a total value locked (TVL) of more than $1.5 billion. Serum’s problem was that its personal key was held by FTX, which led to a loss of confidence in the ecosystem. Today, Serum’s total value locked has slumped to less than $395k.
SRM dropped to a low of $0.115 this week and then zoomed higher to $0.15. It has managed to move above the moving averages but it has also gotten overbought. Therefore, I believe that the bearish momentum will resume during the weekend. If this happens, it will likely retest the important support point at $0.12.
How to buy Serum
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Wazirx
WazirX is India’s largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries.
Solana (SOL)
Solana had one of the hardest downfalls in 2022. It plunged from an all-time high of $260 to $10. The most recent sell-off was due to its close affiliation to FTX and Alameda, which were its key funders. Therefore, the collapse of FTX led to a major liquidation, which pushed the price significantly lower.
On the daily chart, Solana remains below all moving averages and the psychological level of $10. The Relative Strength Index (RSI) has moved below the oversold level. Therefore, Solana will likely continue falling as sellers target the next key support point at $5.
How to buy Solana
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Public
Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.
Mirror Protocol price bounced back on Thursday as cryptocurrencies in the Terra ecosystem jumped. The MIR token rose to a high of $0.20, which was about 32% above the lowest level this year. Its market cap jumped to about $15 million, which is lower than the all-time high of over $700 million.
What is Mirror Protocol and why is it rising?
Mirror Protocol was once one of the leading platforms in the blockchain industry in the Terra ecosystem. It is a platform decentralized finance (DeFi) that allowed people to trade financial derivatives in all assets like currencies, stocks, and commodities.
Therefore, instead of using a regulated broker like Robinhood, users can easily buy these financial assets in Mirror Protocol. It used Band Protocol’s oracle system to provide these price feeds.
On August 15, Band Protocol announced that it will cease providing price feeds for Terra Protocol and its products like Mirror Protocol. It attributed this situation to the collapse of UST, the heart of the Terra Chain.
In addition, Band Protocol noted that Mirror Protocol’s team had failed to respond to its queries about its future. The statement added that:
“Users’ safety is the top priority for Band as an infra developer and we cannot support protocols if we’re unsure. Community members are encouraged to contact the Mirror team directly for any enquiry.”
Therefore, without these price feeds, and without any communication from Mirror, it means that the project is no longer running. In the past, Mirror was actually accused of being a pyramid scheme.
MIR price is bouncing back as investors cheer the strong performance of both Terra Luna Classic and Terra Classic USD. LUNC has jumped by more than 80% in the past 24 hours while USTC has soared by 51% in the same period. Similarly, Anchor Protocol and LUNA prices have jumped by more than 25%.
Is Mirror Protocol a good buy?
In my view, I believe that MIR is one of the worst cryptocurrencies to buy. For one, its ecosystem has almost died now that Band Protocol is no longer providing price feeds. In addition, it is tied to Terra Classic and USTC, coins that are no longer valuable. As you recall, Terra USD was the heart of Terra’s ecosystem because it was pegged at $1.
Therefore, the current Mirror Protocol price rally is likely because of a pump and dump that is common in the crypto market.
The Mirror Protocol price has crawled back in the past few days as investors cheer the strong performance of the UST stablecoin. MIR price is trading at $0.2210, which is about 50% above the lowest level in May this year. The rebound brings its total market cap to more than $34 million.
What is Mirror Protocol?
Mirror Protocol is a blockchain derivative project that was among the biggest players in Terra’s ecosystem. Unlike Anchor Protocol, Mirror has a platform that enables people to buy and sell a variety of derivatives.
For example, users can buy and sell derivatives like stocks and commodities. The network uses oracles to ensure that data on stocks and other assets is highly accurate. Instead of trading using fiat currencies, the network adopted UST, the algorithmic stablecoin that collapsed last month.
Therefore, the collapse of Terra UST stablecoin led to its collapse as the prices of its assets became unstable. It has not recovered since then.
Mirror Protocol has made headlines in the past few weeks. For example, a report published in May claimed that Mirror was a scam that was set up to scam retail investors. The claim alleged that the platform was created by Do Kwon and his associates to route funds from investors.
Meanwhile, Mirror was recently hacked. It is reported that the hackers stole over $22 million of assets in the network. This was the second hack after the network lost $90 million in October.
The MIR price is rising after the strong performance of UST. The stablecoin is trading at $0.020, meaning that it has risen by over 85% in the past 24 hours. Similarly, the Luna Classic price has risen by 31% in the same period. Still, they remain substantially below their all-time high.
MIR price prediction
The hourly chart shows that the MIR price has made a strong recovery in the past few days. The coin has moved above the important support shown in black. It has moved above the 25-period and 50-period moving averages while the MACD has continued rising.
Therefore, despite the recent jump, there is a likelihood that the coin is still bearish. If this happens, the next key support level to watch will be at $0.20. A move above the key resistance level at $0.25 will invalidate the bearish view.
The Mirror Protocol has done relatively well in the past few days as investors rush to buy the dip. MIR, its natve token, is trading at $0.40, which is about 115% above the lowest level this month. As a result, its total market cap has risen to just $35 million.
Why is MIR rebounding?
The Mirror Protocol is an important decentralized platform built on the Terra ecosystem. The platform’s goal is to enable people to buy and sell synthetic assets like stocks, commodities, and forex.
Like all platforms built on Terra’s network, the coin’s price declined sharply this month. At its lowest point this month, MIR was down by almost 100%.
Now, the cryptocurrency is bouncing back as other Terra coins recover. For example, TerraUSD, the stablecoin that caused all this damage, has risen by more than 10% in the past 24 hours. Similarly, tokens like Anchor Protocol and LUNA have all done well as investors buy the dip.
Analysts believe that some platforms like Mirror and Anchor Protocol will rebuild, possibly in other chains like Ethereum and Solana. They will also likely change their business model to bring in more transparency an focus on other asset-backed stablecoins like USD Coin and Tether.
However, for now, it is relatively difficult to recommend Mirror Protocol as an investment because of the relatively high risks. Like other Terra platforms, it is hard to know whether the recovery plans proposed by the leaders will become successful.
Worse, Mirror Protocol developers have not communicated about how they plan to salvage the project. Their last tweet was on May 4th before the implosion happened.
Mirror Protocol price prediction
On the daily chart, we see that the MIR price has been in a spectacular decline in the past few months. The coin’s sell-off accelerated when it moved below the important support level at $1.090, which was the lowest level on February 25th.
Mirror Protocol price also crashed below the 25-day and 50-day moving averages. Therefore, despite this rebound, there is a likelihood that the coin’s price will continue falling as bears target the next key support level at $0.19.
The post Mirror Protocol price prediction: Should you buy the MIR dip? appeared first on Coin Journal.
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