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Mirror protocol price is down by less than a percentage point in today’s trading session. However, despite the drop, the Mirror protocol is still in an aggressive bullish trend, and there is a high likelihood that we may see prices recovering.
The Mirror Protocol is a product of Terraform Labs that allows users to buy synthetic assets that mirror the price of real-life assets. For instance, users of the Mirror Protocol can be able any type of shares or precious metals as a digital synthetic asset, which will have the same value as the real world, and they can also be able to sell the bough assets on the platform.
The main goal of the platform is to allow users to interact with financial systems through innovative means. It is also an alternative to the traditional banking system, which has made it popular with the cryptocurrency community.
Looking at the daily chart below, you will notice that the past few weeks have been aggressively bullish for the Mirror protocol. The trend, which started on June 19, has seen the Mirror protocol price surge by 50 per cent to its current price of $2.3.
The start of the bullish trend coincides with the start of the recovery of the cryptocurrency industry. Therefore, despite being a top cryptocurrency with a lot of use cases, the recent bullish move has been driven mostly by the fundamentals of the entire industry, which has been in an upward trend.
Despite today’s price action showing a strong push to the downside, my Mirror Protocol price prediction expects it to recover and resume the bullish move. I expect, in the next few trading sessions, the price to hit the $0.26 resistance level. I also expect the price to break the resistance level and proceed to trade above the $0.3 price level.
My analysis will only be invalidated should the price trade below the $0,20 support level. At that point, it will be clear that the bears have won and traders should prepare for prices to drop further.
This post was last modified on Aug 11, 2022, 16:33 BST 16:33