- Summary:
- What is the outlook of the MIR price as the Mirror Protocol rallies? We explain why it could retreat in the near term.
The MIR price has done well in the past few days, even as the total value locked (TVL) in the network has dropped from its all-time high. The Mirror Protocol price is trading at $1.1690, about 20% above the lowest level this month. Its total market cap has jumped to over $170 million, making it the 270th biggest cryptocurrency globally.
Mirror Protocol is a leading fully decentralised blockchain project that enables people to trade, borrow, and farm digital assets. It was built using Terra’s network, which is known for its speed and high performance. The most popular digital assets that one can trade in the Mirror Protocol are mAAPL, mAMD, and mARKK. Others are mBABA and mBTC. As a result, one can access top assets like stocks, commodities, and forex, which are now known as mirrored assets.
According to DeFi Llama, Mirror Protocol has a total value locked of over $716 million, making it one of the biggest players in the Terra ecosystem. The network had a TVL of over $2.13 billion at its peak. Therefore, the MIR price is rising as investors expect further expansion of the network after the introduction of the mirrored assets.
MIR price prediction
The four-hour chart shows that the Mirror Protocol price has been in a strong downward trend in the past few weeks as its TVL has declined sharply. Nevertheless, the coin has managed to move above the 25-day and 50-day moving averages, while the Stochastic Oscillator has moved slightly below the overbought level. It has also risen above the upper side of the descending channel pattern.
Therefore, there is a likelihood that the coin will resume the downward trend and retest the support level at $1. However, a move above this week’s high of $1.2795 will invalidate the bearish view.
