Mirror Protocol (MIR) Technical Analysis 2021 for Crypto Traders

Mirror Protocol (MIR) Technical Analysis 2021 for Crypto Traders

In Mirror Protocol (MIR) Technical Analysis 2021, we use past statistics, price analysis, RVOL, MA, and much other information about MIR to analyze the future trend of the cryptocurrency. 

Mirror Protocol ​is a decentralized derivative protocol that creates synthetic assets incubated by the Terra protocol. Synthetic assets are called mirror assets (mAssets). The goal of mAsset is to simulate the price of any asset, allowing investors to obtain more assets for investment. 

The Mirror Protocol is an inter-chain DeFi protocol that can be accessed across multiple blockchains. It is being developed on the Terra Blockchain. Ethereum and Binance Smart Chains can be accessed through Terra Shuttle.

Mirror Protocol (MIR) Current Market Status

According to CoinGecko, the MIR price is trading at $4.04 with a 24-hour trading volume of $80,159,291, at the time of writing. However, MIR has increased by 4.4% in the last 24 hours.

In addition, MIR has a circulating supply of 77,742,701 MIR coins. Currently, MIR trades in Binance, OKEx, Huobi Global, HitBTC, and Hotcoin Global.

Mirror Protocol (MIR) Technical Analysis 2021 

Mirror Protocol (MIR) holds the 181th position on CoinGecko right now. The recent development and upgrades might push MIR to reach new heights. Now, let’s deep dive into the MIR technical analysis 2021. The daily time frame chart of Mirror Protocol (MIR) shown below.

MIR/USDT Falling Wedge Pattern (Source: Tradingview)

Falling Wedge pattern takes place when the price moves in an overall bullish state before the price drops down. This pattern starts wide at the top and contracts as the price moves lower. Moreover, a falling wedge pattern is developed by two converging trend lines when the crypto price moves for a certain period. More so, a falling wedge takes place in a downward shift of movement in the market, it is said to be a reversal trend. 

Currently, MIR trades in a range of $4.03. The price breaks at the breakout level of $3.88, so it has a high chance of reaching resistance level at $11.07. If the trend reverses then the chart will drop and will reach the $2.42 level soon.

Mirror Protocol (MIR) RSI

The below chart shows the relative strength index (RSI) of MIR. 

MIR RSI (Source: TradingView)

As shown in the above chart, RSI remains at 68.13. This shows that MIR’s price is in a nearly overbought state. This shows that traders have to trade carefully, however, major price reversal could take place.

Mirror Protocol (MIR) RVOL

The below chart shows the Relative Volume of MIR. It is an indicator that indicates to traders how the current trading volume has changed over a period of time compared to the previous trading volume.

MIR RVOL(Source: TradingView)

Currently, the RVOL of MIR lies above the cutoff line which represents the stronger participants in the current trend.

Mirror Protocol (MIR) Moving Average

MIR’s Moving Average (MA) shown in the chart below. MA supports traders to find trends.

MIR MA (Source: TradingView)

Currently, MIR is in a bullish state. However, MIR price is above 50 MA (short-term), and it has a high chance of moving higher. Furthermore, the MIR price is above 50 MA and 200 MA (long-term), so it is completely in a bullish state. Moreover, there is a high possibility of Trend reversal at any time.

Mirror Protocol (MIR) Price Comparison With Bitcoin

The below chart shows the price comparison between MIR and BTC. 

MIR vs BTC Price Comparison chart(Source: TradingView)

From the chart, we can identify the trend of the BTC and MIR is moving at the same level as the trend. This indicates when the price of BTC increases or decreases, the price of MIR also increases or decreases respectively.

Conclusion

With the ongoing developments and upgrades that are taking place within the MIR platform. Mirror Protocol has a great future ahead in this crypto market. However, MIR can reach new heights.

Bullish MIR price prediction 2021 is $7.42. As mentioned above, it may reach great heights, however reaching $11.07 is also possible, if investors have decided that MIR is a good investment in 2021.

FAQ

What is MIR?

MIR is the governance token for Mirror Protocol. It can be staked to receive voting privileges and to earn a share of the protocol’s Collateralized Debt Position (CDP) withdrawal fees.

Where can you purchase MIR?

MIR is listed on many cryptocurrency exchanges that include Binance, OKEx, Huobi Global, HitBTC, and Hotcoin Global.

Will MIR reach a new ATH soon?

With the ongoing developments and upgrades within the MIR platform, it has the high possibility of reaching its ATH soon.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.