Things Traders Should Be Aware Of After ATH CRO Crashes

Crypto.com Coin (CRO), currently the 16th largest coin by market cap, made headlines in November when its price soared more than 350% in one month. The price of CRO increases with its popularity.

In the final quarter of 2021, Crypto.com announced partnership agreements with a number of soccer clubs and now owns the naming rights to LA Lakers’ Staples Center under a $ 700 million deal. This promotional strategy, along with the excitement of retailers and the announcement of the CRO listing on the Coinbase exchange, has resulted in the token price skyrocketing.

CRO hit a new ATH at USD 0.96 in the last week of November, but after that, interest and confidence around the token began to decline and CRO’s trading volume started. In fact, after the market slump in early December, the coin lost about 44% of its value from its ATH.

For the past 40 days, the price of Crypto.com Coin has been in a sharper downtrend.

CRO price table | Source: TradingView

The way forward

CRO’s market cap is currently $ 14.32 billion, down nearly 35% from its ATH of $ 22 billion.

Market capitalization CRO | Source: Messari

However, as new developments take place in the field, such as Crypto.com becoming a Gold Member of the Singapore Blockchain Innovation Program, it still has the potential to attract the attention of the crypto community and lead to a rebound in the Token price.

Additionally, the Cronos test network recently completed 15 million transactions during the Cassini test incentive event. However, the network currently has a relatively small number of users if the number of active addresses has decreased by 26.85% in 7 days and the number of new addresses has also decreased by 23.72% due to poor network performance.

Number of addresses in the network | Source: IntoTheBlock

Things have to be taken into account

Looking at the inflows and outflows of the CRO network, it should be noted that reaching the median price of USD 0.658 will be important in order to reduce the pressure on the seller side. Over 15,000 addresses for a total of 3.18 billion CRO will be profitable if the price breaks this level.

Cash flow in / out of the network | Source: IntoTheblock

In particular, institutional and private interest in altcoins has subsided as trading volumes and volumes have declined in recent weeks.

CRO will need a boost from retail and institutional investors to get back on its feet in the short term. However, as the Sharpe ratio rebounds, a reversal in positive territory could signal a rebound in token price, making it a good investment over the medium term.

For now, during this boring time, the token needs some support from retailers to trigger price actions in the right direction.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

2 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

5 hours ago

Step into BlockDAG’s Presale Frenzy This November: Secure a Massive 100% Bonus with BDAG100!

November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…

7 hours ago

OpenSea New Version Will Be Launched In December

OpenSea new version is scheduled to launch in December, with an improved user experience, improved…

7 hours ago

This website uses cookies.