Digital currencyEconomical

Protocol Mirror Token Price Analysis: An uptrend on the chart


The Mirror Protocol, a decentralized finance platform (DeFi) platform based on the Terra blockchain, has recently become part of its value following one of the biggest setbacks in the history of financial markets and the Russian-led invasion of Ukraine. Lost.

To Report The price of the Mirror Protocol, the Kevin Telegraph, fell to $ 0.993 on February 24, the lowest level to date, while the digital currency market as a whole was facing widespread selling pressure. However, the Token Mirror experienced a strong uptrend and two days later its price reached $ 1.41, which is 40% higher than the $ 0.993 floor.

Protocol Mirror Price Chart; 4-Hour Mirror Protocol / Dollar Market View.

Like the February 24 crash, the Mirror token jump coincided with an improvement in the trend of other digital currencies; But the interesting thing is that the return of Mirror tokens in these few days seems to be higher than other major currencies in the market, such as Bitcoin and Atrium.

Bitcoin has grown by about 18% since the recent fall, which continued at the price level of $ 34,500. Atrium, meanwhile, has risen slightly more than 22 percent in the same period since falling to $ 2,300.

On the other hand, LUNA, the main token of the China Terra block, has jumped more than 65% in the same period.

Interestingly, the Anchor Protocol, another protocol based on the ChinaTra blockchain, has moved more than 39% from the February 24 ($ 5) price floor, and now stands at around $ 3. It trades for $ 6.

Ascending intersection on the protocol mirror chart

The recent protocol mirror mutation has led to the formation of an uptrend. More precisely, the 20-candle moving average (EMA) cuts the 50-candle moving average (red line) upwards over a 4-hour period. Given the recent history of the Mirror Protocol pricing trend, this move is usually followed by a short-term uptrend.

The Relative Strength Index (RSI) in yesterday’s 4-hour period, which reached the level of 70 above the weekend, with signs of “buy saturation” in the market, predicted the fall of yesterday. This coincided with a price correction in the Mirror Protocol, so that the price of the Mirror token reached its lowest level at $ 1.282 yesterday.

Protocol Mirror Price Analysis: An uptrend on the chart
Protocol Mirror Price Chart (Click on image to view original size).

Also read: How to use simple moving average and exponential for trading?

Now the price has returned to the top after hitting the level of 50% correction of Fibonacci and has reached $ 1.41 again. In this analysis, Fibonacci levels are adjusted based on the price movement from $ 1.58 to the $ 1 floor.

If the Mirror stays above the moving averages of 20 and 50 Kendalls, the probability of re-testing is $ 1.58. Its bullish outlook also depends on how the Russia-Ukraine conflict unfolds and its impact on the bitcoin market.

Mirror token price chart in dollars and bitcoin and token mirror correlation indicator in 4-hour timeframe
Correlation chart between Bitcoin price and protocol mirror (blue section in the image).

It is worth noting that the correlation coefficient between Bitcoin and the protocol mirror is close to a positive 75%; This means that Mirror token prices now more or less reflect the movements of the market’s largest digital currency.

Leave a Reply

Back to top button