Lately, the CRO price has decreased. Why is the CRO price dropping? Maybe before you believe that CRO will be one of the cryptocurrencies that can provide high returns because of its rapidly increasing price.
CRO has experienced a very drastic increase in value reach 380% in a short time. It made the public wonder what caused the price of CRO to rise rapidly. However, it seems that the value of this CRO will repeat the history of Bitcoin that once went up significantly but then plunged into a significant decline as well. Economists call it a burst bubble.
Since August 2020. The price of the CRO has started to decline significantly, having reached a high of $ 0.80895 on the Coinmarketcap chart. But what made the CRO price drop? And what has also caused the CRO value to rise so dramatically as in the history of CRO prices?. Enjoy to read, maybe you will get the answer.
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What is CRO?
Before getting into the core issue, I will first review what CRO is. Maybe there are those of you who are not familiar with this cryptocurrency.
CRO is a native token issued by Crypto.com.
Crypto.com itself is a company that provides services utilizing payment using cryptocurrency. Coin (CRO) is a token similar to Bitcoin and is decentralized open source.
Crypto.com also uses a chain designed to accelerate the global adoption of cryptocurrency. CRO offers increased control over personal money and can protect user data, as well as user identities.
The design of CRO’s blockchain, primarily to support Pay mobile payment application by the Crypto.com. Token CRO first launched in November-December 2018.
CRO is unique
CRO is a crypto token that has uniqueness, because it focuses on users for payment purposes, trading as a financial solution, which specifically allows users to benefit from using CRO tokens in the Crypto.com payment network.
What makes it unique is that CRO users can use their tokens to stake their coins on the Crypto.com Chain and earn rewards. Specifically staking CRO will act as a validator of a transaction on the network. CRO can also function to settle payment fees in the Crypto.com network.
There is also a cash balance of up to 20% on the Pay application in Crypto.com if the user pays the merchant with CRO. Other great deals include up to 10% off when buying gift cards and making peer-to-peer transfers to other users.
The prize program offered by CRO is very attractive. Because it allows users to get token prizes at certain events by staking CRO. There are even attractive interest rates of up to 10-12% by staking it on the Crypto.com Exchange application or Crypto.com metal Visa Card.
Crypto.com is a cryptocurrency-only exchange company with a vision to make cryptocurrency in every wallet. Before the name Crypto.com, the company was called Monaco Technologies GmbH that was founded by Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao in 2016.
Kris Marszalek, alumni from Adam Mickiewicz University Poland. Has a track record of founding the company Starline Polska, the location-based service mobile app and platform YIYI, and the e-commerce company BEECRAZY.
Rafael Melo is an engineering degree from PUC-Rio. With the experience of more than 15 years in finance. Melo’s work experience has helped raise more than 50 million AUD in Asian companies.
Gary Or is a software engineer with over nine years of experience in full-stack engineering projects. He also has a degree in engineering, computer science from the University of Hong Kong.
Bobby Bao has experience working in the M&A department of the China Renaissance investment bank.
Bao has an educational background at the University of Melbourne, NYU Stern School of Business, and College of William & Mary.
CRO historical price
Reporting from the CRO historical price Crypto.com, the CRO price since March 8, 2019, is $ 0.020405. After a few days, the price had hit a high of $ 0.104032 on March 15, 2019,. The price fell again to a low of $ 0.049178 on April 2, 2019.
Price fluctuations continue to slowly rise and form a new high at $ 0.109574 on July 12, 2020. The highs did not last long and returned to a gradual decline and formed a new low of $ 0.02602 on December 3, 2019.
Price movements fluctuated again and since March 2020 prices have slowly increased significantly and formed an all-time high at 0.180002 on 2 September 2020. However, it took only three months for the price to fall back down and hit a low of $ 0.06426 on September 28, 2020.
The number of CROs was designed to be limited with a total supply of up to 100 billion CROs, at the time of the press the number of CROs in circulation reached 22.14 billion so that no half of the total supply was planned yet. With a total market capitalization in USD of 1.32 billion.
Why is the CRO price surge?
In its history, the price of CRO has jumped up to 170% in just one trading day, this seems unprecedented for other coins. This spike was actually triggered by very high investor interest in South Korea. More than half of the trades take place on the GOPAX exchange for KRW or South Korean won.
Besides the interest of South Koreans towards CROs, another reason that causes CRO prices to soar is that this token is included in one of the Indodax exchange lists, which are Indonesian crypto exchanges. Indonesia is one of the largest cryptocurrency trading markets in Asia. CRO’s listing on Indodax was announced by Crypto.com via Twitter on 12 March 2019. And the price jumped after the next two months.
Hello Indonesia!🇲🇨@cryptocom‘s $CRO(with IDR pairs)will be listed on @IndodaxOfficial, the leading exchange, while https://t.co/vCNztABJoG Pay will be implemented with the Yoshugi Media Group. Bringing crypto to 260 Million more wallets! More here-https://t.co/qPs1KzGa20 #crypto pic.twitter.com/LVNVbjRmhR
— Crypto.com (@cryptocom) March 12, 2019
Why is the CRO price dropping sharply?
The highest CRO peak occurred in 2020 in September, and after that, the price dropped drastically again. What caused this decline? Although the previous ranking on ranked in the top 10 must drop to rank 22 at a time press?
In general, the decline occurred because there were more sellers than buyers. But for specific reasons, this answer did not represent the objective of the question.
Refer to the discussion about this case in the Reddit community. The reason why after 2 November the price fell is that there might be an increase in fees in debit card or credit card transactions.
This reason is considered more influential because of the increase in fees. Investors or users tend to look for cheaper and more profitable alternatives.
Besides that reason, another reason was the decrease in the CRO interest rate and this caused the price to fall by around 30% with a decrease in the interest rate of 10%.
CRO crypto price prediction
At press time, the CRO price is $0.061228. even though it hasn’t reached the lowest price of all past historical prices. However, it is included in the lowest value, making it possible to attract investors to buy CROs at low prices.
As a result, this will push the CRO value even higher. However, short-term predictions allow prices to tend to be sideways within the daily range.
Tradingbeast’s prediction for a CRO in 2021 is estimated to be between $ 0.080000 and $ 0.0848020. 2022 predicted at $ 0.186159. 2023 predicted will to reach $ 0.1083826.
Gov Capital even predicts a CRO price of $ 2,472 for the next five-year prediction, while the one-year prediction is forecast at $ 0.349537.
While the Crypto rating predicts CRO in 2021 there will be an increase of 84% from the current price of USD 0.061228. This means that the current price is expected to fluctuate enough to encourage prices to rise again.
The well-known forecasting site Wallet Investor predicts the CRO price for 2021 will reach $ 0.161 while the forecast for the next five years could reach $ 0.544.
CRO crypto analysis
Bitcoin is still the choice of investors and the strengthening of it is getting stronger. This is quite different from the CRO, which has experienced a wide price decline since last month.
Analyzing the current price reaction with reference to CRO/USDT where USDT is a stable coin pegged at $ 1, our conclusion is that the downward trend that has occurred has shown that it is starting to weaken. The daily candle starts to move in a line and when time press the CRO price increases by 3.75%.
From the image above, it is clear that the price which was previously steep, is now a bit sloping, this, if translated in the language of market psychology, is that the seller is starting to lose his strength to continue the price pressure to fall down.
Notice that the lows of the three candlesticks are almost aligned which means that there is resistance at these lows. Consequently, if this price has a breakout, there may be a continuation of the trend.
MA crossing with RSI indicator
Now I will use the MA and RSI indicators to help analyze based on indicator functions. Next look at the chart below:
On the chart above I used the Cross MA, which after the decline there were five MA crossings. The last two crosses are Buy signals but they still fail to be valid signals. Prices fell again. In theory, the current bearish trend is still ongoing if you look at the price below the MA line. I think that the price range will be $ 0.06xxx to $ 0.08xxx in the near future.
It’s time for us to look at the RSI indicator. As we know that the RSI is an oscillator indicator that functions to predict overbought and oversold areas. In theory, if the RSI line is above the 70 levels it means that it is overbought, below the 30 levels it is oversold. But there are also those who choose level 80 as overbought and level 20 for oversold.
RSI is currently showing the 38.48 level, in theory, this has not yet entered the oversold area so it is possible for the price to continue the trend.
Is CRO a good investment?
Are CROs good for investment? maybe the answer will be subjective, depending on the performance of the asset in the future.
In some cases, it is often when an asset is considered to be too low in price, making investors think that the low price is the advantage of getting a low price before it rises.
If you look at the current low CRO price, maybe there will come a time for investors to start buying tokens in the hope that it will soon increase in the next few months. Some people believe that CRO may gain an asset in the future.
Another reason that investors think CRO is good for investment is the significant growth of CRO tokens, especially in 2020. With an asset gaining popularity, it is possible in the future to repeat its history where the CRO price once formed a new all-time high in 2020.
Besides these reasons, having a CRO can also pay a stake, in a CRO blockchain environment. The bonus program offered also varies. As a future investment asset, in my opinion, the CRO value will probably increase again, after the drop phase is over.
I already write the answer to the question Why is the CRO price dropping? Besides that also provide analysis and prediction. CRO is one of the cryptocurrency tokens that was once ranked in the top ten on the Coinmarketcap rating site.
In its development, the CRO value fluctuates and pushes its rating down to position 22 at press time.
The current market capitalization of CRO stands at $ 1,332,621,668 USD, with a total circulating supply of 22,159,817,350 CRO of 100 billion CRO as planned. Whether future prices will rise again after the pandemic is over, traders or investors can only wait for that to happen.
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