Mirror Protocol (MIR) and Anchor Protocol (ANC) prices surged during the Christmas weekend as demand for the penny cryptos jumped. MIR jumped to a high of $0.245, which was about 171% above the lowest level last week. In the same period, Anchor jumped by more than 50%.
Why did Mirror and Anchor Protocols rise?
Mirror and Anchor Protocols were some of the biggest players in Terra’s ecosystem. Anchor operated as a crypto bank that provided depositors with interests as high as 20% on their deposits. At its peak, Anchor Protocol had over $20 billion in assets.
Mirror Protocol, on the other hand, operated a platform that enabled people to invest in tokenised assets like stocks, commodities, currencies, and indices. The idea was that people would use the blockchain technology to invest in these financial assets.
With Mirror Protocol, it was possible for people to invest in these assets on a 24-hour and 7-day basis. It would also lower costs for people to trade and invest, as I wrote here.
After experiencing remarkable growth in the past few years, Mirror and Anchor Protocol crashed in May 2022 after Terra and Terra USD ecosystems plummeted. This was a notable thing since these platforms were backed by the UST stablecoin.
Anchor and Mirror Protocols ceased operating in May when Terra fell. Still, their tokens have continued trading in the market, giving them a market cap of $12 million and $14 million, respectively.
This performance is likely because some contrarian investors believe that Terra USD will regain its peg in the coming months. This is highly unlikely since the stablecoin was trading at $0.021. Also, their tokens are a reflection of the gap in valuation of crypto tokens. In the past few months, we have seen tokens of bankrupt companies like FTX and Celsius Network rise.
Mirror Protocol price prediction
The four-hour chart shows that the MIR price surged as Santa delivered. As it rose, it moved above the important resistance point at $0.1836, which was the highest point since November 18. It has jumped above all moving averages.
The Relative Strength Index (RSI) and the Stochastic Oscillators have moved above the overbought level. Therefore, I suspect that this rebound is temporary and that the token will resume the bearish trend soon. If this happens, the next key level to watch will be at $0.1373. A move above the resistance point at $0.2200 will invalidate the bearish view. Anchor’s MIR will also pull back.
How to buy Mirror Protocol
As MIR is such a new asset, it’s yet to be listed on major exchanges. You can still purchase MIR using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy MIR right now, follow these steps:
1. Buy ETH on a regulated exchange or broker, like eToro ›
We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.
2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask
You’ll need to create your wallet, grab your address, and send your coins there.
3. Connect your wallet to the 1Inch DEX
Head to 1Inch, and ‘connect’ your wallet to it.
4. You can now swap your ETH for MIR
Now that you’re connected, you’ll be able to swap for 100s of coins including MIR.