Mirror Protocol price is down 68 percent this month. In recent days, the mirror protocol had started showing signs of recovery. In today’s trading session, however, the prices are showing signs of reduced volatility, gaining less than a percentage point.
How the Mirror Protocol has Shown Resilience
Despite dropping 68 percent this month, the Mirror Protocol has outperformed all the other projects developed by its ecosystem, the Terraform Labs. This includes projects such as the Anchor Protocol, Terra Luna and UST.
To many people’s surprise, the Terra Luna and UST algorithmic pegging debacle saw the Mirror protocol coming out of the markets almost unscathed. This is after both Terra Luna and UST lost over 99 percent of their value. Fortunately for the Mirror Protocol, it was not linked to the two projects. This meant that the de-pegging of UST to the US dollar did not affect it.
Security and Legal Issues
Despite the project’s performance this month, the next few months is likely to be hectic for the Mirror Protocol. According to reports first shared on Twitter, it is likely that the Mirror Protocol kept a security issue hidden. As a result, according to the reports, users could generate millions by depositing as low as $10,00 on the platform. The Twitter threat below explains the problem in detail.
Another report indicated that Terraform Labs CEO Do Kwon may have set up the protocol as a way to defraud investors. This is after a secret whale wallet was found. According to the report, the whale account’s role was to conceal the influence of the CEO by spreading MIR tokens across burner wallets. There have also been reports that the project may not be as decentralized as it claims.
Mirror Price Prediction
Despite recent controversies, the MIR projects look to be doing fine in the market. In today’s trading session, the crypto is up by almost a percentage point. The prices are also showing signs of ending the session at a higher price. It is also likely that the prices will continue trending upwards.
Therefore, my Mirror protocol price prediction expects the prices to trade above the $0.44 resistance level. However, my bullish analysis will be invalidated should today’s price reverse and close below the $0.25 price level. It will also mean a possible move to the downside.