MIR Token Price Forms Bullish Pattern Despite Mirror Protocol Being Dead Since 2022 Crash

PATNA (CoinChapter.com) — Mirror Protocol (MIR), one of many projects that went down with Do Kwon’s Terra Labs, is nearly dead. However, that hasn’t stopped MIR token prices from registering the occasional double-digit spike that keeps hopium addicts interested in the project.

Another Victim Of Do Kwon

Mirror Protocol is a DeFi platform that allows users to create and trade synthetic assets, known as “mirrored assets” or “mAssets.” These mAssets mimic the price behavior of real-world assets such as stocks, commodities, and ETFs.

In an ideal world, the platform helped users gain exposure to different assets without actually owning them. However, the company fell prey to the FUD following the Terra LUNA debacle, resulting in the MIR token price of 99%, which went from $1.26 in early May 2022 to trade near $0.01 in Nov. 2023.

The contagion from the failure of Do Kwon’s firm impacted several projects, including Mirror Protocol.

The impact of Terra’s collapse is visible on Mirror Protocol’s X page, which has not seen a new post since Aug. 2022.

The Nearly Dead Mirror Protocol Token Forms A Bullish Setup

Meanwhile, MIR’s price formed a bullish technical setup called the ‘Falling Wedge.’

A pair of converging trend lines form the falling wedge pattern. The pattern occurs when an asset’s price makes lower highs and lower lows, with lows being steeper than highs.

The pattern typically signals that a reversal to the upside is likely. The price target for the pattern is equal to the widest distance between the trend lines at the start of the pattern added to the breakout point.

Per the rules of technical analysis, MIR price could spike over 1,470% to reach a theoretical price target near $0.22 if the pattern pans out. 

A reason for the Nov. 22 spike in the MIR token price might be news of the nearly dead Mirror Protocol getting listed on the Toobit exchange. The exchange listed the MIR/USDT trading pair on its platform per the announcement.

MIR Price Crabbing Since August

MIR’s price action shows a clear indication of the Mirror Protocol being nearly dead after the May 2022 crash. The MIR token price has traded near the $0.01 level since Aug. 2023.

Even MIR price’s Nov. 22 spike of nearly 47% only reached a daily high near $0.0147 before paring gains. The only impact of the Mirror Protocol token’s recent burst of energy was that swing traders started booking profits on Nov. 23, pushing the MIR token price crashing nearly 18% to a daily low near $0.0129.

If the downtrend continues, the MIR token price could breach the support near $0.0125. Breaching the immediate support could result in the Mirror protocol crypto token shedding nearly 40% from the current price level before testing the support near $.008.

Conversely, a rally from here would likely see bulls trying to break above the 100-day EMA (the blue wave) resistance near $0.017. Breaking and consolidating above the immediate resistance might see the MIR token price rally to the resistance near $0.022.

The RSI for MIR remained neutral, with a score of 52.04.

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