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.
How to buy Mirror Protocol
Serum (SRM)
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.
How to buy Serum
Solana (SOL)
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.
