CRO near the bottom?
Updated
In the past we had some bearish divergence, and a drop followed. Now we have some bullish divergence and a cross on the MACD. So i'm starting to think that we (almost?) reached the bottom. If not, 2.5 cents is the next bottem, and that's the only place where i would buy more but i don't think we will go there (cards would be very cheap then).
If you don't have a card yet, i think now is a OK time to buy a 2.5k or 25k CRO card. Higher than those is always a big risk. I'm a fan of the cards and i use it a couple of times a week. For those who are interested: I have an Icy white.
The reason why the price is pretty low is because of some bad decision from crypto.com(CDC) and they made the community a bit unhappy, i talked about it in my previous post about CRO. Now there are some more restrictions on cashback with the card, that's why it is still going down is my guess.
But not everything is negative, they are a crypto company with 5 million app users (this does not mean that every uses it, they just have an account) and working products: like the cards, exchange, earn, pay, ... So when all this negativity blows over, i think CRO will go back up. Best time to buy is when everybody is panicking. If you are planning to buy some CRO, maybe wait until we closed above the red line (20 day MA).
Also there is only 21.7 billion CRO in circulation, and 78.3 billion in the hands of CDC So the price can easily be manipulated.
let's wait and see!
If you don't have a card yet, i think now is a OK time to buy a 2.5k or 25k CRO card. Higher than those is always a big risk. I'm a fan of the cards and i use it a couple of times a week. For those who are interested: I have an Icy white.
The reason why the price is pretty low is because of some bad decision from crypto.com(CDC) and they made the community a bit unhappy, i talked about it in my previous post about CRO. Now there are some more restrictions on cashback with the card, that's why it is still going down is my guess.
But not everything is negative, they are a crypto company with 5 million app users (this does not mean that every uses it, they just have an account) and working products: like the cards, exchange, earn, pay, ... So when all this negativity blows over, i think CRO will go back up. Best time to buy is when everybody is panicking. If you are planning to buy some CRO, maybe wait until we closed above the red line (20 day MA).
Also there is only 21.7 billion CRO in circulation, and 78.3 billion in the hands of CDC So the price can easily be manipulated.
let's wait and see!
Note
FYI: I bought some today.Note
Big volume, price is stable, accumulation?Note
We crossed 20 daily MA, lets go for the 50!Note
Staking requirements update, i've made my peace with it.I didn't care that much for the CRO token after the swap, mainly because of the 100 billion supply. I upgraded right before the swap and got grandfathered in for the 100k CRO icy white card. I was just in time to trade the excessive CRO tokens for ADA (x1,6 -1,8) But enough shilling about other (probably better) tokens.
At first i was not happy about the upgrade of the staking requirements (from 100k to 250k). It felt like my CRO was held hostage. But after some thinking, it was clear that the cards are just for advertising the whole platform. Manufacturing, packaging and cashback(100 billion printed cro, so that is probably ok) costs a lot of money for CDC. And a company wants to make money so there was a big chance that the staking requirements would go up again, and probably again in the future. And then i did what i thought i would never do, i actually bought some CRO. Because everybody was complaining, and there was just a bad vibe around CDC, especially on reddit. Knowing that CDC is here to stay, because of the large number of employees, not just 10 developers creating a shitcoin. I thought it was the right thing to do and i just missed the bottem and bought at 0,062 USD.
And now i think it's a good thing for the staking requirements to go up. If you are planning to keep using the card, who cares if the requirements go up. In a couple of years you'll probably think that you got very lucky getting that cool card that cheap, yea even those guys that bought at 0,17 USD.
At this time "only" 200 000 ICY/ROSE cards can be staked for and that's a good thing:
-The cards get more exclusive. (Not right at this moment but look at it in a timespan of 5 years)
-CDC has to pay less cashback in the future.
-Less cashback means there is a bigger chance that they don't have to tweak the perks. (netflix, spotify, CRO interest on cards,...) I hope they never will!
-Because of fear, a lot of grandfathered-in-people will keep staking, keeping a lot of CRO out of circulation (is good for the price of CRO).
I don't know if a lot of new tokens are going to get added in circulation when the mainnet comes out in Q1 2021, so probably Q2 or Q3, wink wink. If so, this could hurt the price of CRO and can be an other trigger for a higher staking requirement. But that is pure speculation.
In the end CDC wants to make money and it probably will do great with the exchange, app functions, chain, pay, defi etc. The cards are not that important, it's good advertising but that's all. A couple of hundred people complaning on reddit doesn't bother them. They just want more people using all the other functions on the platform and make a lot of cash. And you should be happy about that.
In a couple of years, when CDC is kicking ass in the cryto space, you probably won't care anymore if you bought for 0,06 or 0,17 USD. Price will be up, yeah even with that rediculous supply of 100 billion tokens.
So what can you do now?
Be mad (they don't care)
Sell your tokens now (if possible)
Buy the card while it's low (compared to a couple of months ago, it's still top 20 MC)
Buy some extra CRO while it's low
Buy some better coins/tokens
I'm planning on keeping my card, and i got like 60k CRO on the side to play with on the platform (all the other coins are waaaay up so selling now would be stupid). I was a big hater a couple of weeks agoand I know my rant now sounds like a bit of c*cksucking. But i've made my peace with how they are handling things and i think you should to.
Note
Falling wedge on the daily chart.Note
Have a feeling we might go back to 0,05 USD.Trade closed: target reached
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