The MIR price after an extended consolidation, ignited a significant uptrend, a couple of days before. The uptrend gained nearly 36% of its value and uplifted the price to as high as INR 170. Woefully, the bears quickly extracted their profits resulting in a plunge but the asset managed to rebound to INR 135. With the rebound, the price may range high to achieve INR 150 by the end of the day’s trade. However, a slight pullback may be expected, yet could strongly sustain above INR 145.
Mirror Protocol ignited the yearly trade on a huge bearish note which followed throughout January. Further, the asset consolidated throughout February trade and began with a strong uptrend in March which is continued until now. No doubt the price did experience multiple setbacks, it maintained the uptrend line finely by rebounding each time it touched. Therefore, displaying a notable bullish momentum, the Mirror Protocol token may eventually maintain a slow yet steady growth throughout Q2 2022.
|Short-Term||The price has shed a huge share of its value and now is attempting to ease out the bearish trend but a strong buying volume remains apart|
|Mid-Term||MIR price may witness a slight pullback as the buying pressure could be nullified|
|Long-Term||The price is maintaining a significant uptrend along the trend line that may continue until it reaches the required resistance levels|
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Index(RSI)||40.55 / 54.82||Neutral / Neutral|
|MACD(12,26)||-0.025 / 0.057||Sell / Buy|
|Average Directional Index(ADX)||29.35 / 40.07||Neutral / Neutral|
|Bull-Bear Power||-0.101 / 0.112||Neutral / Neutral|
|Moving Average(MA)-50||INR 1.855||INR 1.56|
|Moving Average(MA)-200||INR 1.759||INR 2.24|
|Resistance||INR 1.85||INR 2.74|
|Support||INR 1.67||INR 1.59|
|Average True Range(ATR)||0.05||0.29|
The MIR price is quite bearish in both time frames. RSI cements along with the neutral levels while the strength of the rally is neither weak nor strong. On the other hand, bulls and bears have an equal chance of capitulating to the rally. But MACD is pretty bullish for a long time but remains bearish in the short term.
On the other hand, the current price is on the edge to surpass the crucial 50-day MA in STF wherein the short-term resistance also lies. However, the target of the asset lies much ahead around $2 along with the 200-day MA levels. Besides, the long-term resistance may uplift the price above danger zones.
Additional Read: What is Mirror Protocol?
Additional Read: Mirror Protocol Price Prediction
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