The price of the Mirror Protocol climbs back in recent days as investors celebrate the strong performance of the UST stablecoin. The price of MIR is currently $0.2210, about 50% above the lowest level seen in May this year.

Its market value has increased to more than $34 million since the drop.

The recent rally comes as the UST stablecoin rallies to a new all-time high. The price of UST surged to $1.32 on May 27th, which is about double the trading level a month ago.

The surge in demand for the stablecoin has been driven by increasing interest in decentralized finance (DeFi) protocols.

The strong performance of the UST stablecoin is also driving up the price of the Mirror Protocol. The two assets are highly correlated, which is not surprising. Given that they are both used to trade synthetic assets on the Ethereum blockchain

What is Mirror Protocol?

The Mirror Protocol is a blockchain technology derivative that was one of Terra’s most prominent participants. Unlike Anchor Protocol, the Mirror platform allows customers to purchase and sell a variety of derivatives. 

Its synthetic assets are backed by a pool of real assets, which helps to stabilize the value of the synthetic assets. 

The project was launched in 2019 and is currently managed by Mirror Labs. The team is led by co-founder and CEO James Vegas, who has a background in derivatives trading.

Users can buy and sell derivatives like stocks and commodities. The network uses oracles to make sure that the data is accurate.

To manage the volatility of its currency, the network uses UST, an algorithmic stablecoin that disappeared last month.

As a result, the collapse of Terra UST’s stablecoin resulted in the assets’ prices becoming chaotic. It has not recovered since then.

Mirror Protocol has been in the news a lot recently. For example, in May a report came out that said Mirror was a scam. The report alleges that the platform was founded by Do Kwon and his group to route funds from investors.

Meanwhile, the Mirror network was recently hacked. It is claimed that the intruders stole over $22 million worth of assets in the network. This was the second hacking of the network, which lost $90 million in October.

The MIR price has been going up lately because the UST coin has been doing well. The MIR coin is now worth $0.020, which is an increase of over 85% in the past 24 hours.

The Luna Classic coin has also gone up by 31% in the same period, but it is still below its all-time high.

MIR price forecast

Data Source: Tradingview

The MIR price has made a spectacular recovery in recent days, as seen in the hourly chart. The coin has surpassed an important support line drawn in black.

It has surpassed the 25-period and 50-period moving averages, despite the MACD’s persistent rise.

Therefore, the recent jump in the coin’s price might not last. If this is the case, the next key support level to watch will be at $0.20. If the coin’s price rises above the key resistance level at $0.25. It would mean that the bearish view is no longer valid.

If the buyers are willing to pay more than $0.25 for a MIR. It means that the trend has reversed and the price could go up to $0.30 in the short term.

Blockchain is a digital ledger of all cryptocurrency transactions. It is constantly growing as “completed” blocks are added to it with a new set of recordings.

Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree).

Blockchain is used for recording transactions made with cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and others.

James Atkins

I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.