The Mirror Protocol price prediction maybe s a hard nut to crack as it is depicting a very weird price action. After several pumps and dumps, the coin seems to have become a whales’ playground. Nevertheless, MIR crypto shows signs of large-scale accumulation, as the on-balance volume presents a very bullish outlook.
At the time of writing, Mirror Protocol is trading at $0.192, which is 98.5% below its April 2021 all-time high. The coin has been in a constant downtrend since the collapse of Terra LUNA. According to Mirror Protocol news, the TVL of the platform is constantly shrinking. The protocol had $1 billion at the start of the year, which has been now reduced to only $584,589. This drastic decrease in TVL is due to the fall of Terra LUNA and the corresponding price decrease of MIR. This loss in TVL has put a huge question mark over the Mirror Protocol price prediction.
Less than two months ago, Mirror Protocol also experienced an exploit where the platform lost $2 million. This was due to its oracle’s incorrect price feed, which mistook the price of the new LUNA token for the LUNA Classic token. Consequently, many users were able to take loans by depositing their LUNC and getting amounts equivalent to LUNA 2.0.
Technical analysis of Mirror Protocol price chart depicts massive whale manipulation. There has been massive volatility since the coin has tagged at the low of $0.149 in June 2022. After soaring to $0.30 in July, the coin is still trading at $0.19, suggesting that the downtrend might not be over. However, there have been a few indicators that are telling otherwise.
The trading volume and on-balance volume indicate that the whales are accumulating the coin in major chunks anticipating a big move upwards. If that’s the case, then Mirror Protocol price prediction could be very bullish in the medium term. However, it is worth mentioning that any lower low than $0.149 would invalidate this prediction.
This post was last modified on %s = human-readable time difference 12:07