Autor: dot-traders

Mirror Protocol price bounced back on Thursday as cryptocurrencies in the Terra ecosystem jumped. The MIR token rose to a high of $0.20, which was about 32% above the lowest level this year. Its market cap jumped to about $15 million, which is lower than the all-time high of over $700 million.

What is Mirror Protocol and why is it rising?

Mirror Protocol was once one of the leading platforms in the blockchain industry in the Terra ecosystem. It is a platform decentralized finance (DeFi) that allowed people to trade financial derivatives in all assets like currencies, stocks, and commodities.

Therefore, instead of using a regulated broker like Robinhood, users can easily buy these financial assets in Mirror Protocol. It used Band Protocol’s oracle system to provide these price feeds.

On August 15, Band Protocol announced that it will cease providing price feeds for Terra Protocol and its products like Mirror Protocol. It attributed this situation to the collapse of UST, the heart of the Terra Chain. 

In addition, Band Protocol noted that Mirror Protocol’s team had failed to respond to its queries about its future. The statement added that:

“Users’ safety is the top priority for Band as an infra developer and we cannot support protocols if we’re unsure. Community members are encouraged to contact the Mirror team directly for any enquiry.”

Therefore, without these price feeds, and without any communication from Mirror, it means that the project is no longer running. In the past, Mirror was actually accused of being a pyramid scheme.

MIR price is bouncing back as investors cheer the strong performance of both Terra Luna Classic and Terra Classic USD. LUNC has jumped by more than 80% in the past 24 hours while USTC has soared by 51% in the same period. Similarly, Anchor Protocol and LUNA prices have jumped by more than 25%. 

Is Mirror Protocol a good buy?

In my view, I believe that MIR is one of the worst cryptocurrencies to buy. For one, its ecosystem has almost died now that Band Protocol is no longer providing price feeds. In addition, it is tied to Terra Classic and USTC, coins that are no longer valuable. As you recall, Terra USD was the heart of Terra’s ecosystem because it was pegged at $1.

Therefore, the current Mirror Protocol price rally is likely because of a pump and dump that is common in the crypto market.

The post Mirror Protocol price is in a recovery mode. Is MIR a good buy? appeared first on CoinJournal.

Chiliz is one of the best-performing cryptos amongst the top 50 cryptocurrencies in the market today.

CHZ, the native token of the Chiliz network, is one of the top performers amongst the leading 50 cryptocurrencies by market cap. CHZ has added more than 3.5% to its value over the last 24 hours. 

The positive performance comes as the broader crypto market underperforms. The broader crypto market has lost more than 2% of its value over the past few hours. As a result, the total crypto market cap is now around $975 billion.

Bitcoin, the world’s leading cryptocurrency, is down by 1.7% so far today and risks dropping below the $20k psychological level if the trend continues. Ether is down by 3% and is currently trading at $1,551 per coin.

CHZ’s positive rally comes after the Chiliz exchange announced its support for the upcoming Ethereum Merge. 

The team said in the event of a new chain fork/token, they will evaluate whether to support the distribution and withdrawal of the forked tokens if they meet the exchange’s requirements. 

The Chiliz team will announce the timeline for such supported tokens if required in a separate announcement.

Key levels to watch

The CHZ/USD 4-hour chart remains bearish despite Chiliz performing positively over the last 24 hours. CHZ has been underperforming in recent days, but its technical chart is now improving.

The MACD line remains below the neutral zone, indicating that the bears are still in control. However, it could enter the positive region if the positive momentum is sustained. 

The 14-day RSI of 49 shows that CHZ is no longer in the oversold territory. At press time, CHZ is trading at $0.2092 per coin. If the rally continues, CHZ could surge past the first major resistance level at $0.2343 today.

However, it would need the support of the broader crypto market to surpass last week’s high of $0.2625.

The broader market remains bearish, and this could affect CHZ’s performance in the near term. CHZ could lose the $0.1954 support level before the end of the day if the bearish sentiment thickens in the broader crypto market. 

The post Chiliz is up by 3.5% on Thursday: Here is why appeared first on CoinJournal.