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Mirror Protocol Price Prediction: Is Mirror Protocol Profitable?

After the rise of DeFi in 2021, the crypto market was shaken in 2022, and many projects lost a big part of their value. One of the projects that turned from extremely volatile to very promising is Mirror Protocol. After the crash of the LUNA token created by the same project team, some exploits of Mirror Protocol were discovered that caused the token price to lose its value. Read our Mirror Protocol price prediction to understand what is going to happen to the MIR token.

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Mirror Protocol Fundamental Analysis

Project name
Mirror Protocol
Stock Symbol
MIR
Current Price
0.2077
Current Supply
370575000
Official Website

Mirror Protocol is a decentralized, community-driven blockchain project that allows the creation of synthetic assets that track the prices of real tokens. The Mirror Protocol DeFi app on the Terra blockchain enables traders to take long and short positions on tech stocks with synthetic assets. The protocol was built by Terraform Labs with the intention to help those users who are looking for new ways to access traditional finance and trading options. 

Mirror Protocol has its own versions of other cryptocurrencies, for example, mBitcoin for Bitcoin with the price pegged to the most prominent cryptocurrency. The project is completely decentralized, as its on-chain treasury and the changes in the code are governed by the holders of native MIR tokens. Moreover, there are no admin keys or special access privileges granted.

Mirrored assets are blockchain tokens that act as “mirrors” of real-world assets and reflect the exchange prices on-chain, so the traders can get price exposure to real assets. mAssets also enable fractional ownership, open access, and censorship resistance. They are purely synthetic and show the price movement of the corresponding asset. 

The advantages of mAssets include global accessibility without entry barriers, the representation of the fractional orders as numbers on the blockchain, and eliminating the need for the intermediary bundling process. Moreover, as mirrors rely on liquidity provided by each individual asset pool, orders can be executed as fast as the block time of the network (around 6 seconds). Thus, Mirror helps the investors to participate directly in investment or speculation on price even if they don’t own the underlying asset. 

MIR coin is a governance asset of the Mirror Protocol. Its holders can propose and vote on the operational changes. MIR has a maximum supply of 370 575 000 tokens.

Recently the pools of some assets, including Bitcoin, Ether, and Polkadot have been drained. Estimated, more than $2 million of the assets have been taken so far. The attack has been ongoing for several days but was only noticed on May 29. It was also discovered that the protocol suffered a $90 million exploit towards the end of the last year, which was unnoticed for seven months. 

Mirror Protocol Live Price Chart

From last summer when the crypto market flipped to a downtrend MIR token price chart was declining. At the beginning of June 2021, it was traded for $5, but soon after went for a correction of $3.7. In the middle of June, the token tried to recover to the previous level, and by June 18 reached $5.1. The asset maintained this price level for around a week and then fell to a long-playing downtrend. 

In one month the MIR token halved and on July 20 hit the bottom of its price at $2.6. At that time the crypto market was experiencing bull tendencies that affected Mirror Protocol as well. The price of the asset went up to $4.5 on August 20. This level was corrected and for the next 2 months, the Mirror Protocol coin stabilized around $2.9-$3. 

During autumn 2021 when many altcoins and meme tokens were booming, the MIR token had a short period of price surge, which only took it as high as $3.7 at the beginning of November. From that time on, the token turned bearish and volatile, following a moderate downtrend till the beginning of 2022. 

In January the downtrend of the native asset of the Mirror protocol accelerated and in one month the coin dropped to $1.2. It sustained the price bouncing between $1.0 and 1.4 for another month. At the beginning of March, the MIR token showed bullish signs and went up to $2. It then stabilized at around $1.5 till the middle of April, but as the crypto market approached the new bearish season the price of the MIR coin dropped to $1 at the end of April. 

The downtrend continued in May and on May 12 the price of the asset fell significantly, as the Terra blockchain was experiencing difficulties after the big hack. The Mirror Protocol token was trading for $0.2. The recent exploits didn’t help the token price recover as the community and traders started losing trust in the project. Many users expect the MIR tokens to collapse in the near future. 

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Mirror Protocol Technical Analysis

Despite the fact that 100% accurate technical analysis for Mirror Protocol cryptocurrency is hardly possible, on this advanced technical analysis tool by TradingView you can see the real-time aggregated MIR buy-and-sell rating for selected timeframe. The summary for MIR/USD is based on the most popular technical indicators — Moving Averages, Oscillators and Pivots.

Mirror Protocol Price Prediction

Below we have collected the most reliable price projections for Mirror Protocol (MIR) from popular forecast platforms.

Mirror Protocol Price Prediction for 2022

As of Mirror Protocol price predictions for the rest of 2022, there are divergent opinions. PricePrediction.net expects an upturn towards $0.218085, and WalletInvestor echoes with ~$0.396707 by the year’s end. Other experts, for example, from TradingBeast, are more pessimistic about Mirror Protocol’s future price, citing numbers downwards of $0 in December.
Potential ROI: -1% Sell

Mirror Protocol Price Prediction for 2023

In their Mirror Protocol price predictions for 2023, PricePrediction.net forecasts the coin’s price to go down to $0.016616 by December. Forecasting Mirror Protocol future, TradingBeast expects further decrease of its price, too, saying the Mirror Protocol price will reach ~$0 by that time. On the contrary, WalletInvestor keeps predicting Mirror Protocol price growth, quoting prices around ~$0.326089 in 2023.
Potential ROI: -45% Sell

Mirror Protocol Price Prediction for 2024

Mirror Protocol price predictions for 2024 are still predominantly positive, with some analysts promising prices in the $0.27001–$0.413323 range (WalletInvestor, PricePrediction.net), while TradingBeast takes a different view and cites the possibility of the price reaching $0 in December 2024.
Potential ROI: 10% Buy

Mirror Protocol Price Prediction for 2025

WalletInvestor has only pessimism in store for the 2025 Mirror Protocol price prediction, valuing Mirror Protocol at $0.027001 by the end of 2025. TradingBeast agrees with a negative forecast and predicts, in turn, $0 for the same period. On the other hand, PricePrediction.net’s team is more optimistic — their Mirror Protocol price prediction for December of this year is just $0.301165.
Potential ROI: -47% Sell

Mirror Protocol Price Prediction for 2030

Speaking of long-term Mirror Protocol price predictions for 2030, experts present two polar opinions. PricePrediction.net expresses the view that Mirror Protocol price will grow further and eventually reach $0.297011 by the end of the decade. WalletInvestor’s price prediction for Mirror Protocol echoes with the projection of an uptrend to $0.301165. Despite this, TradingBeast’s vision remains not so positive, promising a downfall to $0.
Potential ROI: -4% Sell
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Summary

As it can be clear from the analysis cited above, Mirror Protocol (MIR) projections are rather contradictory. There is no universal consensus either about positive or negative future MIR price movements. Indeed, the future possible growth depends on various factors: announcements, new technological solutions of the Mirror Protocol projects, the crypto environment in general, legal position, and so on. We kindly remind you that before investing in any cryptocurrency, it is essential to do your own research (DYOR).
Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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