Bitcoin
BTC$48 278.36

2.14%

Ethereum
ETH$3 432.02

0.99%

Cardano
ADA$2.37

0.96%

Binance Coin
BNB$410.60

1.07%

Tether
USDT$0.999506

-0.01%

Solana
SOL$169.18

14.63%

Mithril (MITH): The Double Top Predicts Further Price Drop


#Mithril

Mithril (MITH) is definitely not the type of altcoin that occupies the imagination of retail traders. It sits at the wrong side of global cryptocurrency ranking - 531st position - and has a very modest market capitalization of $9 million that has been floating up and down along with the price action. Nevertheless, the average daily trading volume that fluctuates between $2 million and $10 million - and also the fact that the coin is listed on such well-regarded exchange platforms as Binance and OKEx - suggest that token has its share of traders engaged in this market, which calls for the MITH price prediction.

MITH is red across the board


On the fundamental side of things, Mithril represents the blockchain-enabled social media platform that rewards users in MITH for their contribution of engaging content, the idea that has also been realized by the projects like Steem that owns the once-popular Steemit platform. Mithril’s supplemental product comes in the form of the proprietary digital wallet that allows for storing, staking, and swapping cryptocurrencies.

All in all, MITH offers nothing out of the ordinary in terms of fundamental value, hence its position in the rankings, a small market capitalization, and the all-time ROI of - 89%, which leads us to the first conclusion that Mithril isn’t suitable for long-term investment and bullishly-oriented trading. To prove the point, here is the performance profile of MITH from the yearly to the weekly periods.

MITH performance profile

There are plenty of altcoins in the same weight category as MITH, for instance, nOS (NOS), Achain (ACT), and YF Link (YFL), that did considerably better over the same period of time, although the token under review had a few moments of glory, especially in the second part of July when its price got launched to the upside and had the 122% flight on the bullish plane until it crashed into the mighty strong resistance at $0.0125 that literally represent the borderlines between the bearish and the bullish zones of influence.

1-day MITH/USDT chart

The daily chart above makes it crystal clear that the recent price action has formed a double top, the common yet extremely bearish reversal pattern that has already begun to play out on this time frame. Notice how the price has descended below the middle line of Bollinger Bands, which is a strong signal concerning the underlying shifts in market sentiment. Considering how short was the retracement near that line, the sellers won’t be giving any slack to the buyers who appear to have lost the initiative completely.

To summarize, if you are still holding Mithril in your trading account, for whatever reason, consider selling it asap, even if you have bought it at the top. Cut the losses - or collect even the smallest profit - because everything lines up just right for the MITH’s price to drop much lower.

Author: Alex Paulson for Crypto-Rating.com

Related

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 87.6% 18 $48 278.36 2.14% 6.79% $908 584 317 849 $28 575 630 451
2 Ethereum (ETH) ETH Ethereum predictions 74.4% 50 $3 432.02 0.99% 4.95% $403 535 591 621 $15 995 220 233
3 Cardano (ADA) ADA Cardano predictions 69.2% 67 $2.37 0.96% -9.99% $75 839 348 348 $2 117 829 213
4 Binance Coin (BNB) BNB Binance Coin predictions 67.6% 70 $410.60 1.07% 1.31% $69 036 780 561 $1 310 269 181
5 Tether (USDT) USDT Tether predictions 95.6% 1 $0.999506 -0.01% -0.15% $68 250 378 864 $60 054 280 627
6 Solana (SOL) SOL Solana predictions 56.4% 90 $169.18 14.63% -5.61% $50 219 084 924 $5 415 012 910
7 XRP (XRP) XRP XRP predictions 70% 60 $1.075668 0.94% -0.39% $50 150 029 617 $2 308 814 476
8 Polkadot (DOT) DOT Polkadot predictions 62.4% 81 $34.90 5.69% 10.33% $34 465 398 414 $1 805 117 461
9 Dogecoin (DOGE) DOGE Dogecoin predictions 65.6% 75 $0.241386 0.61% -0.02% $31 703 190 100 $999 151 515
10 USD Coin (USDC) USDC USD Coin predictions 91.2% 1 $0.999405 -0.04% -0.16% $29 361 887 022 $2 210 179 953
11 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 69 $69.01 -1.32% 20.73% $15 202 502 312 $1 951 788 341
12 UniSwap (UNI) UNI UniSwap predictions 71.6% 63 $24.52 1.08% 7.89% $14 998 641 302 $295 363 721
13 Terra (LUNA) LUNA Terra predictions 65.2% 65 $34.78 1.03% -11.03% $13 972 232 863 $729 598 618
14 Chainlink (LINK) LINK Chainlink predictions 71.6% 52 $28.35 2.48% 5.04% $12 858 121 823 $1 042 724 348
15 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $0.999279 -0.03% -0.16% $12 804 322 830 $5 075 515 725

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.