Will Mir Break $0.3 Price Barrier?

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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. 

What is the Mirror Protocol?

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. 

Why has the Mirror Protocol been rising?

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. 

Mirror Protocol Price Prediction

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.

Mirror Daily Chart



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