Coin price prediction: More sell-off likely

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The Coin (CRO/USD) price has lost momentum in the currency has struggled lately. CRO is trading at $0.57, which is about 40% below its highest level in November this year. The total market cap of all the tokens is about $14.8 billion.

CRO price review

November was a good month for the Coin. This performance happened after made some of the biggest announcements in the crypto industry. 

First, the company announced that it will boost its marketing push by spending more than $100 million in a global campaign. The ads will feature well-known celebrities like Ronda Rousey and Matt Damon.

Second, the company announced a major deal in which it will acquire the rights of Staples Center. This is one of the most famous stadiums in the United States. It is known well since it is the home of the Los Angeles Lakers.

Finally, the company agreed to acquire two companies from IG Group. Nadex is an American company that offers short-term options trading services. The Small Exchange, on the other hand, is a company that enables traders to buy and sell a wide range of assets like cryptocurrencies and indices.

All these announcements pushed more investors to invest in the Coin. They believe that its demand will keep rising as more people move to the company’s ecosystem. Indeed, the number of transactions within the chain has jumped in the past few weeks. 

The total number of transactions has jumped to more than 6 million while more than 2632 million CRO has been distributed to holders. 

Still, there are concerns about whether the CRO price will continue its bullish trend. For one, people who bought the coin in November will start to exit their trades. At the same time, the market will be waiting for the next key catalyst. Coin price forecast Coin

The four-hour chart shows that the CRO price has been in a bearish trend in the past few weeks. The coin has managed to move below the 25-day and 50-day moving averages. It has also moved below the first support of the standard pivot point while the Relative Strength Index (RSI) has declined. 

Therefore, the Coin price will likely continue falling as investors target the second support at about $0.45. This view will be invalidated if the price moves above $0.6900.

The post Coin price prediction: More sell-off likely appeared first on Invezz.

Publication date: 
12/05/2021 - 15:26

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.