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
Bitvavo
The Bitvavo platform was launched in 2018, with the goal to bridge the gap between traditional currencies and digital assets. Bitvavo is making digital assets accessible to everyone, by offering transparent fees, a wide range of assets and an easy to use platform.
Huobi
Start Your Cryptocurrency Journey Today. Huobi Global has a variety of features that make it an ideal place to buy and sell digital asset.
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
Bitvavo
The Bitvavo platform was launched in 2018, with the goal to bridge the gap between traditional currencies and digital assets. Bitvavo is making digital assets accessible to everyone, by offering transparent fees, a wide range of assets and an easy to use platform.
Huobi
Start Your Cryptocurrency Journey Today. Huobi Global has a variety of features that make it an ideal place to buy and sell digital asset.
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.
How to buy Solana
Kraken
Kraken is a San Francisco-based cryptocurrency exchange that allows users to trade various digital currencies. With a strong emphasis on security, Kraken employs cold storage for most funds and offers two-factor authentication (2FA). Its user-friendly interface provides real-time charts and order books, making it suitable for both beginners and experienced traders. Kraken also complies with regulatory requirements in the jurisdictions where it operates.
Uphold
Uphold is a global digital money platform that offers financial services. It deals with 250+ currencies (both traditional and crypto) and commodities, facilitating more than US$4 billion in transactions. Uphold’s vision is to create a future where everyone has access to safe, transparent, fair, and affordable financial services