- The MIR price closed the previous day’s trade at INR 148.03 with a market capitalization of INR 14.74 Cr and a circulating supply of 7,77,42,679.93 MIR
- The asset is currently attempting hard to rebound from huge losses ignited during the previous day’s trade
- Mirror protocol with a flip aims to undergo a 20% upswing to hit the previous day’s highs at around INR 170
Mirror Protocol(MIR) Technical – Analysis for Today: 06 April 2022
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(MIR) Technical Analysis at a Glance
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 & Pivot 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.
MIR/INR Technical-Analysis for Short-Term
- The MIR price received enough boost during the past couple of days which enabled the price to range high by more than 35%
- No doubt the asset has dropped more than 20% but quickly ignited a flip and hence attempting to seal a strong uptrend by rebounding from the 0 FIB levels
- Continuing with the uptrend, the asset may initially aim at 23.6% FIB levels close to INR 145 and further at 36.3% FIB levels at INR 150
- Sustaining above these levels may pave way for the asset to climb towards the previous day’s highs around INR 170 and continue to test INR 200 very soon
Additional Read: What is Mirror Protocol?
MIR/INR Technical Analysis for Long-Term
- The MIR price fell into a deep bearish trap from the beginning until it bottomed hard in March 2022 at around INR 80
- Following the uptrend, the price could slowly & steadily range beyond INR 188 by the end of April’s trade
- However, the bears may jump in at frequent intervals that may squeeze out the price to some extent but it may be for a short time frame
- On the other hand, the bull also possesses significant strength which may be showcased at the earliest
Additional Read: Mirror Protocol Price Prediction
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