Thursday, July 25, 2024

After 30 percent increase, Terra’s Mirror Protocol displays symptoms of bottoming.

Mirror protocol is a decentralized assets protocol built by Terraform Labs (TFL), the same firm that is behind Terra. Terra is a stable crypto coin available in numerous crypto exchanges globally. The native token of this DeFi protocol, MIR has moved up by 30% within 48 hours.

This sudden gain in the price of the MIR token is being considered technology-driven as recently it had shown a huge drop of more than 90% from its all-time high in May 2021. MIR token is in the list of top gainers in the last 2 days but this rise lacks any plausible explanation. The study of the on-balance value (OVB) of the MIR coin shows a green signal, indicating that it might be bottoming out.

The ‘W’ shaped pattern

The mirror protocol token is supposedly showing a ‘W’ shaped pattern known as a double bottom. This pattern is known to signify the end of a bearish trend. It is considered a good sign for the bulls in the market.

The core principle of the double bottom pattern suggests that after the gains cross the previous upper line. – The rally can stretch as much as the maximum difference between the upper and the lower levels.

Relative Strength Index

The daily RSI of the Mirror Protocol’s native token is measured to be 54. It tells that right now the token is being traded on a neutral ground. Relative Strength Index of 70 will be a signal to sell the holdings but till then the price is expected to increase.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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