Mirror (MIR), Serum (SRM), Solana
Cryptocurrency prices drifted downwards on the final week of the year as concerns about a global recession coincided with those of high interest rates. Bitcoin darted lower and reached a low of $16,485. Other coins like XRP, ETH, and ADA dropped as well. Here is the crypto price prediction from the last week of the year.
Mirror Protocol (MIR)
Mirror Protocol, a dead cryptocurrency, was one of the best-performing cryptocurrencies in the final week of the year. It spiked to a high of $0.24, which was about 173% above the lowest level this year. It has now pulled back to $0.14.
Mirror Protocol was an important part of Terra’s ecosystem, as I wrote here. It used its technology to make it possible for people to buy and sell financial assets in a tokenized manner. For example, it was possible for people to buy Apple shares in a token form. The benefit of this was that users could trade these tokens on a 24-hour basis.
Mirror went obsolete following the collapse of Terra Protocol and the Terra USD stablecoin. Now, the price has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to the neutral point at 50. Therefore, I suspect that MIR price will remain under pressure as sellers target the key support at $0.1225.
MIR/USD chart by TradingView
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.
Serum is another dead cryptocurrency. It was a leading player in Solana’s ecosystem, where it had a total value locked (TVL) of more than $1.5 billion. Serum’s problem was that its personal key was held by FTX, which led to a loss of confidence in the ecosystem. Today, Serum’s total value locked has slumped to less than $395k.
SRM dropped to a low of $0.115 this week and then zoomed higher to $0.15. It has managed to move above the moving averages but it has also gotten overbought. Therefore, I believe that the bearish momentum will resume during the weekend. If this happens, it will likely retest the important support point at $0.12.
SRM/USD chart by TradingView
How to buy Serum
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
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WazirX is India’s largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries.
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Solana had one of the hardest downfalls in 2022. It plunged from an all-time high of $260 to $10. The most recent sell-off was due to its close affiliation to FTX and Alameda, which were its key funders. Therefore, the collapse of FTX led to a major liquidation, which pushed the price significantly lower.
On the daily chart, Solana remains below all moving averages and the psychological level of $10. The Relative Strength Index (RSI) has moved below the oversold level. Therefore, Solana will likely continue falling as sellers target the next key support point at $5.
SOL/USD chart by TradingView
How to buy Solana
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
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