Mirror Protocol's impressive recovery from its all-time low comes with its own set of bearish warnings.
Interestingly, another Terra blockchain-backed token, Anchor Protocol , 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.
Nonetheless, the readings on the MIR's four-hour relative strength index — which went above 70 during the weekend — alerted about its"overbought" status. That has coincided with a correction in the Mirror Protocol market, with MIR now down over 10.5% from its retracement high near $1.41. The decline has had MIR break below $1.36, one of its previous support levels that also confluences with the 61.8 Fib line of a Fibonacci Retracement Graph made from $1.58-swing high to $1.00-swing low.
MIR/USD four-hour price chart featuring correlation between Bitcoin and Mirror Protocol. Source: TradingView
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