Why is Mirror Protocol (MIR) crypto soaring today?

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 Why is Mirror Protocol (MIR) crypto soaring today?
Image source: © Alexanderushkevich | Megapixl.com

Highlights

  • As a decentralised, community-driven protocol, Mirror Protocol (MIR) provides tools to the users to create synthetic assets whose price is dubbed to real-world assets. 
  • On 24 May, the MIR crypto was witnessing a rally of over 70%and a volume rally of over 600%. 
  • The MIR crypto was trading at the US $0.455344 with a 24-hour trading volume of $48,67,16,790 on Tuesday, according to CoinMarketCap.

Ever since the Terra collapse, several cryptos developed by the Terraform Labs witnessed substantial losses. Not just that, even leading exchanges had suspended their offerings to restrict the damage. One such crypto that faced Terra collapse's brunt was Mirror Protocol (MIR). 

MIR crypto is primarily a synthetic assets protocol built by the Terraform Labs on the Terra blockchain. As a decentralised, community-driven protocol MIR provides tools to the users to create synthetic assets whose price is pegged to the real-world assets. 

Using synthetic mAssets, Mirror Protocol can remove the barriers of traditional finance by allowing the users to own a limited amount of an asset and use the foreign assets to trade. As it does not use centralized order books, it can execute transactions in seconds. 

The MIR crypto on 24 May was witnessing a rally of over 70%and a volume rally of over 600%. 

Related read: Anchor Protocol (ANC) just soared over 150%. Here's why

Why is MIR crypto rallying?

Although the exact reason for the MIR crypto's rally is unknown. Though enthusiasts feel it's due to the recovery it has been seeing since 21 May. The token, which was reduced to US$0.201579, registered its all-time low on 21 May and has shown signs of recovery since then. 

Since 21 May, several market participants have taken a keen interest in the MIR crypto, pushing its RSI to 41.26 on Tuesday from a low of 21.69 on Saturday, at the time of writing (4:39 AM GMT +1). 

Image credit: Trading View

Even the MACD line (in blue) indicates that it has moved ahead of the signal line, projecting a stronger momentum going forward. This is reflected in the 50, 100, and 200 EMA figures as well, which suggests that it may rise to US$0.88953026, US$1.22551172, and US$1.78489380, respectively.  

MIR crypto's price

The MIR crypto on Tuesday was trading at the US $0.455344 with a 24-hour trading volume of $48,67,16,790, according to CoinMarketCap. The MIR crypto was up by 70.98% with a live market cap of US$ $3,50,53,972 with 7,77,42,680 MIR coins in circulation. 

Related Read: Will stablecoin depegging have an effect on crypto rules?

This has been a significant improvement for MIR crypto, considering it was down by over 64% in the past 30 days. However, on the back of this strong recovery, MIR crypto has managed to reduce some of its losses. 

The investors seem to be excited about the price rally and are back on the platform. This has resulted in a volume rally of 607.09% in the past 24 hours. 

While the rally has been impressive, the market participants should be wary of the sudden price changes, which has often been the case with the crypto markets. So, one must ensure that they do their market research before entering the market and make an informed decision to safeguard them against losses. 

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