CRO at FIB 0.618 - Bad news or tecnical, what counts ?After a lot of bad news regarding CRO it has reached FIB 0.618 (bottom of golden pocket). Im very curious how this plays out... up or down ?
CROUSD trade ideas
More downside for CRO over 20213 things that are clear to me at least from weekly technical perspective
MACD is still wildly overbought.
0.5 fib sits nicely on a support.
0.616 fib sits too nicely on a support.
There is a very high likelihood we are heading down to at least 0.10 within 3 months.
Apart from these, many have lost their trust with CDC, largely due to their poor and sudden communication of extreme changes. CDC may have a future, but it will take a while to regain the trust of long time believers who were crushed over the MCO CRO swap, and now the literal bait and switch over the CRO earn rates. I also foresee competitors rising up in 2021, will will contribute to the selloff over the next few months. It also doesn't help that another 20B CRO will be released when mainnet arrives. They have also yet to spell out or demonstrate the utility of CRO, and how mainstream would adopt CRO for day to day transactions.
Time will only tell.
Before investing in CRO, read thisWhy i think CRO wil drop in the short term and in the long therm. Short story, a lot of early investors of MCO are mad and they have lots of CRO that will be unlock within one or 2 weeks and a lot more in 6 months. They feel wronged and don't see any potential in CRO.
LONG STORY: MY 3 year journey with CDC (cryptodotcom)
I first posted my review on the cryptodotcom reddit but they censor everything they don't like, so here's my story again.
For the record I did not participate in the ICO. I held MCO since the summer of 2017. This is not FUD and it is highly subjective because it is MY experience.
Crypto.com is a great app for buying crypto. But I would not trust them with all my funds after what happened on August the 3rd. Crypto.com was once called Monaco. They had an ICO for a cryptocurrency payments card. 15.7 million coins were sold and the other 15.7 million were hold by crypto.com.
You could get a free card with benefits if you locked up 0, 50, 500, 5000 or 50000 MCO on the app. The higher, the better the rewards. It took a while before the first cards arrived and they kept giving wrong eta's until they stopped doing that because it always got delayed.
After a while they printed 100 billion of a new coin called CRO it would be used for a whole payment network. MCO holders on the app would get airdropped 5 cro for every mco that they hold, each month for 60 months.
After 7 months the airdrops stopped. Cards started shipping in the USA and the airdrops had to stop because of regulatory issues. So mco holders were pretty bumped out about that, but were happy that cards started to ship in other regions than just Singapore.
Months passed, there was some advertising for MCO but not that much, finally cards started to ship in Europe and investors thought that this would be the moment for MCO to finally increase in price. But honestly most of the teams attention went to CRO and the new exchange with CRO-trading pairs.
MCO holders were getting worried and during an AMA with the CEO of crypto.com Kris M. they asked if there was going to be a tokenswap for MCO with CRO. And he said there will NEVER be a token swap. So good news. There was also an MCO moon stopover on the roadmap so early investors were still hopeful.
Months went by, MCO started disappearing from the major exchanges (getting locked up 6 months for the card) so things were looking up. Price also started to go slightly upwards. There was only a 15.7 million supply so after a while, the price would go up (high demand low supply - > basic economics)
But after a while the price of MCO was starting to go down. MCO was flowing back on the exchanges. These were some weird events according to some early investors. They started asking questions. Is cdc (short for cryptodotcom) running on a fractional reserve? But they never got an answer.
Then it happened. A maintenance for the app and exchange was announced for the 3rd of August. Nothing special, these things have to be done now and then. But a lot of early investors woke up and couldn't believe their eyes. A token swap was almost forced upon them. The MCO token would become useless and you would need CRO to stake for the card. But the problem was the terrible conversion rate. 1 MCO for 27 CRO. And a 20% bonus locked on the exchange for 6 months if you swapped before September(what now they can give free CRO after all???). (end rate 1:33)
So what is so bad about this, and I've noticed that this is really hard to understand for some people is this. If you had a market share of 1% in MCO then you now had 1/6000 of that market share in CRO.
How did they justify this? They based it on the dollar value of the coins at the last couple of days. Yes the last days when they let MCO die in a ditch and promoted the sh*'t out of CRO. A couple of months ago MCO/CRO would be 100. So yes this was the perfect timing for them.
We don't know for sure for how long this was the plan. Did they pumped up the price of CRO and sold locked MCO cheap? There is no proof of that but it all smells fishy.
The next day, 4th of August there was once again a AMA with Kris M. The CEO. (something I forgot to mention, the CRO lockup for the same card did a x100. Weird right? When user only got an x32. 500 mco card became a 50000 CRO card. If you had the card already you'd be grandfathered in) Alot of people complained but Kris said that they couldn't give out higher rates like x100 because it would cost them too much money. Yes you read that correctly they couldn't give early investors a higher rate of their 100 billion printed CRO. That would literally cost them nothing. It's only a lost future profit. Small price to pay to keep the early investors happy who made it possible for CRO to be created.
So what did they do, they lowered the stake for the cards with /5. 50000 CRO became 10000 etc. Pretty smart move to keep the attention of the x33 swap rate. There's a chance that this was the plan al along. But again this is just speculation.
End of story. Alot of things happened that are fishy. And I still hope that there will be a bigger reward for the early investors. But I doubt it. It's a good app for buying crypto but I would not trust them with all of your funds because they can freeze them whenever they want. Cards work fine and I'll keep using one. Customer support is a bit slow but always friendly and helpful.
Some people will have the same opinion as me, and others will probably call me a whiny little b*tch. So let just skip that part. It's a review and those are subjective. And this should be allowed in the cryptospace.
CRO Consolidation Targeting 38.2% Fibonacci And Trend LineAfter the amazing rally CRO Consolidation Targeting 38.2% Fibonacci approaching March Trend Line. After falling through the 23.6% Fib. level($0.15188), now acting as resistance, I see the 38.2% as next target $0.1273
TA with crousdfirst time doing a TA and im doing a simple stock with crousd, what can I do better?
I tried to keep it simple, it looks like cro broke down its double bottom support line but quickly established a new one. its in a bearish channel within its bearish triangle, I put the buy zone in at potential arrears of accumulation as it seems to be ready to break the market correction, I estimate the potential upside to be around .25
CRO Consolidation Way OverdueCRO is way overdue for some much needed healthy price consolidation. I don't think it's a coincidence that from a technical POV, CRO is going to run out of space around November, right when:
- CDC haters have all bailed out after the controversial MCO swap
- CRO mainnet is launched
- US elections are happening
Prepare to ride some volatiliy.
CROUSD Buy Opportunity Possible breakout from the horizontal range that has formed
I went long on this recently.
Crypto.com (CRO) • Out / Flat even if it pumps Top #10 Marketcap coin that seems overextended even if it see another leg pump to attract more fomo. I would stay away from this coin at all cost until we see any meaningful correction.
CROUSD D AnalysisCurrently above al time high at 0.1605 but above red trend line which used to be major resistance. It can create a new bull trend momentum but ideally, we want it to retrace to $0.04- $0.05 range for accumulating buy zone for staking and other purposes where risk is not overly extended.
