Terra's Mirror Protocol MIR rebounds 40% two days after crashing to record low
cointelegraph.comMirror Protocol, a decentralized finance (DeFi) protocol built on the Terra blockchain, was hit by one of the biggest collapses in financial history this week after Vladimir Putin ordered military strikes against Ukraine.
Mirror Protocol's native token, MIR, dropped to $0.993 on Feb. 24, its worst level to date amid a selloff across the broader crypto market. But a sharp rebound ensued, taking the price to as high as $1.41 two days later, up more than 40% when measured from MIR's record low.
Just like the drop, MIR's upside retracement came in the wake of similar recoveries elsewhere in the crypto market. But interestingly, MIR/USD returns appeared larger than some of the highly valued digital assets, including Bitcoin (BTC) and Ether (ETH).
Notably, Bitcoin rallied up to 17% after bottoming out locally on Feb. 24, below $34,500. In contrast, Ether's gains in the same period came out to be a little over 25% after bouncing from $2,300.
On the other hand, Terra (LUNA), whose protocol hosts the Mirror Protocol's synthetic assets platform, rebounded by more than 50% in the same period.
Interestingly, another Terra blockchain-backed token, Anchor Protocol (ANC), jumped more than 45% from its Feb. 24 low of $2.64, reaching its best level to date just shy of $4.
The recent upside boom in the Mirror Protocol market also resulted in the formation of a so-called golden cross pattern.
In detail, MIR's 20-4H exponential moving average (20-4H EMA; the green wave) surged above its 50-4H EMA (the red wave), a move that typically follows up with a short-term uptrend, as per the Mirror Protocol's recent market history.
Nonetheless, the readings on the MIR's four-hour relative strength index (RSI) — which went above 70 during the weekend —
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