To say that our Mirror Protocol price prediction is bearish would be an understatement. MIR crypto has become a whale’s playground after several pumps and dumps. A final nail in the coffin is the recent announcement from Band Protocol that it would stop the price feeds for the Terra Classic chain.
According to official Mirror Protocol news, the protocol would technically stop functioning on the 26th of August. This is due to the lack of price feeds from the oracle called Band Protocol. The native asset of the protocol would remain tradable on Binance.
Mirror Protocol allows the users to mint synthetic assets on the blockchain that mirror the price action of their real-life counterparts. Leveraging this technology, many users have created stocks, indices and other assets on the protocol. These assets need constant price feeds from real-world assets, which won’t be possible in the absence of Band Protocol.
The protocol has advised its users to close all of their positions and withdraw their funds. This whole situation has sent Mirror Protocol price into a downward spiral. At the time of writing, the price is trading at $0.18. The cryptocurrency has lost almost 99% of its value since its April 2021 all-time high of $12.90.
Mirror Protocol Price Prediction
Since the collapse of Terra Luna, the MIR crypto price chart has been heavily manipulated by the big players. A study of the chart at daily timeframe shows several pumps and dumps, suggesting that the whales are trying to trap the retail investors. As the protocol stops functioning this week, increased volatility is expected.
It is strongly recommended not to enter any MIR positions until the team comes up with a revival plan. A breach of the $0.15 level would make the Mirror Protocol price prediction extremely bearish. To avoid this scenario, it is better to use this level as a stop loss for any long trades.