CRYPTO.COM A POTENTIAL GAME CHANGER!Festive Greetings to all.
Today we consider the trading pair CRO/USD
To start off, we will first look at the fundamental side of things.
FUNDAMENTAL ANALYSIS,
Crypto.com(CRO) is the next generation decentralized mobile payment protocol, the most efficient and secure way to pay and be paid in crypto, anywhere, any crypto, without fees.
Crypto.com Chain will deliver on its vision by developing innovative technology components and processes (inc. scalable encryption algorithm to protect users’ privacy, utilizing trusted execution environments, sustainable price stability mechanisms, user protection via PoGSD) catered specifically to cryptocurrency payment, while leveraging proven blockchain technology structural design elements.
Use cases included, but not limited to;
Offer some bank-like services - e.g., their Fiat wallet, CeFi/DeFi earn products and their unique Supercharger.
Allow you to send payments between CDC Visa card holders.
Have special cashback offers if you send crypto to other CDC users or buy their in-app gift cards.
Let you top up your phone with crypto.
And of course, promote mass crypto adoption with their smart initiatives.
In addition, CRO has a chain(CRONOS tho intertwined with the COSMOS chain) that has launched already and CRO is used to pay the gas fees (just like ether is used to pay gas fees on it's blockchain).
Whilst the protocol launched it's testnet in July earlier this year, facilitating more than 1.5million transactions already as at early november, CRONOS has announced the launch of it's mainnet beta in a bid to facilitate greater interoperability between the Cosmos and Ethereum Virtual Machine (EVM) ecosystems.
The release will enable developers to port decentralized applications and smart contracts from Ethereum and EMV-compatible chains to the Cronos network at a low cost and fast speed due to its Inter-Blockchain Communications (IBC) protocol integration. This will offer accessibility to Crypto.com’s 10-million-strong customer base.
Since its launch, the Cronos ecosystem has attracted over 20 validators, including Bison Trails, a number of prominent decentralized oracles, including Chainlink and Band Protocol, wallets MetaMask and Crypto.com, as well as partnerships with decentralized finance, nonfungible token and gaming platforms and projects.
Whilst having such solid fundamentals, It is still yet to be listed on the biggest exchange by volume which is BINANCE, along with other giants like KRAKEN, BITSTAMP, & BYBIT as well.
TECHNICAL ANALYSIS;
Respecting the Ascending Trendline still, a 5-way impulse move(GREEN)->(it seems) started late 2019 is currently in it's 4th (correction) wave. RSI also far from it's ascending trendline, a return to it's trendline along with Price action doing like wise will be great confirmation.
QQE indicator suggests the first scenario will play out, signalling a short position. (Great indicator btw by @lmatl, his scripts have helped me a lot)
Red(0.79) is for stop loss
Blue(0.41) is the 1st target
Green(0.22) is the 2nd target.
Best area to open a long is at the trendline.
If you agree with this idea, pls leave a like as well as your thoughts in the comments section.
Feedback is appreciated as always.
