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Terra's Mirror Protocol MIR rebounds 40% two days after crashing to record low

Published 02/27/2022, 04:28 AM
Updated 02/27/2022, 06:00 AM

Mirror 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.

MIR/USD four-hour price chart. Source: TradingView
MIR/USD four-hour price chart featuring golden cross and Fibonacci retracement levels. Source: TradingView
MIR/USD four-hour price chart featuring correlation between Bitcoin and Mirror Protocol. Source: TradingView

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