-Cryptocurrency prices dropped the last week of the year due to global recession and high interest rates.
-Mirror Protocol (MIR) was one of the best-performing coins in the final week, spiking to a high of $0.24.
-Mirror Protocol became obsolete following the collapse of Terra Protocol and the Terra USD stablecoin.
The final week of the year saw a major drop in cryptocurrency prices, with Bitcoin dropping to a low of $16,485. This was due to a combination of global recession fears and high interest rates. Despite this, some coins did manage to perform well, and Mirror Protocol (MIR) was one of the most impressive.
Mirror Protocol was an integral part of the Terra Protocol ecosystem, which allowed users to buy and sell financial assets in a tokenized manner. This meant that people were able to buy Apple shares or other assets in a token form and trade them on a 24-hour basis. However, following the collapse of Terra Protocol and the Terra USD stablecoin, MIR became obsolete.
Despite this, MIR still managed to spike to a high of $0.24 in the final week of the year, which was an impressive 173% above the lowest level this year. It has since pulled back to $0.14 but is still above the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has also moved to the neutral point of 50, which suggests that MIR price will remain under pressure as sellers target the key support of $0.1225.
At the time of writing, MIR is yet to be listed on major exchanges, so the only way to purchase it is through decentralized exchanges such as Uniswap. It is important to do your own research before investing in any asset, and MIR is no different.
Overall, Mirror Protocol managed to perform well in the final week of the year despite its unfortunate demise. With the RSI at the neutral point and support sitting at $0.1225, it remains to be seen if MIR will be able to hold its own in the coming weeks.