Crypto.com Chain might be one of the only nascent crypto projects that have maintained its upside hype for a straight week. The project's CRO token on Friday noted yet another massive movement to the upside. The CRO-to-dollar rate rose as much as 65 percent, bring…
Crypto.com Chain might be one of the only nascent crypto projects that have maintained its upside hype for a straight week.
The project’s CRO token on Friday noted yet another massive movement to the upside. The CRO-to-dollar rate rose as much as 65 percent, bring the pair’s weekly return to a whopping 468 percent. In the said timeframe, the CRO price jumped from a meager $0.019 to a weekly high towards $0.108. At the same time, the CRO market cap surged from $65.736 million to as high as $428.14 million.
Crypto exchange Bittrex continued to host a majority of CRO-enabled trades. Based on a 24-hour adjusted timeframe, the exchange hosted $4.69 million out of the total $5.35 million CRO trading volume. That’s almost 88 percent of the overall daily volume. Interestingly, a majority of traders left Bitcoin for CRO, evident by the slow sideways performance of the king cryptocurrency in the recent weeks.
In our previous coverage, we discussed the key fundamental factors that were maintaining the bullish bias in CRO markets. First, it was the CRO listing announcements on Bittrex and Indodax. The Crypto.com Chain team also announced that it had partnered with an Indonesia-based dropship e-commerce company Yoshugi Media Group.
From the way it looks, those fundamentals stayed for dinner. Crypto.com Chain today announced that another crypto exchange, Upbit, would list CRO pairs.
Technically, the CRO-to-dollar rate formed a bull flag after its first upside move, signaled by the ongoing pumping phase. It indicates that more traders are willing to purchase CRO on new higher high formations. While these bets remain risky, they also suggest a robust bullish bias in the CRO markets.
But fundamentally, Crypto.com Chain is looking stronger. The Hong Kong-based project reportedly offers merchant-centric crypto payment solutions. It has already rolled out its software development kit “for selected merchant partners to begin their integration process.” Let’s see what Kris Marszalek, the co-Founder, and CEO of Crypto.com, has to say about that.
“We’re thankful to Upbit for their support of our project. Our Chain team is on a tear recently – the Crypto.com Pay SDK shipped to merchant partners last week. On top of [the] opening of the Pay platform to our 400,000 users this week, our team has scheduled to open-source the first version of Chain Testnet on Wednesday, March 20th as a part of a broader Dev Update. This is another milestone achieved ahead of schedule communicated in the CRO whitepaper.”
As of 1000 GMT, the CRO-to-dollar rate is undergoing a minor correction – it has dropped 17.39 percent from its intraday high. It could be an indication of another bullish flag formation. At the same time, it could also be a signal for an all-and-all dump. A week-long rally does not mean an extended bullish bias, indeed.
As we are not actively trading CRO, it would be unwise of us to say anything further. We may end up moving a small portion of our bitcoin holdings to CRO as a test-trade. Would you like to read a dedicated CRO technical analysis? Let us know in the comment section below.
Meanwhile, readers can check this out:
Last modified: January 27, 2020 7:05 PM UTC