CRO - Is it time to chill?

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Sanfam
Nov 19, 2021

Assets covered: Crypto.com (CRO)

Metrics used: Price, MVRV 7D, Supply on Exchanges, Daily Active Addresses, Network Growth, Social Volume

Charts: https://app.santiment.net/s/YnCwC2vJ


Price

CRO Price action - Sanbase

After months of consolidation, CRO eventually broke out with higher highs and strong volume, it's hard to deny such a strong uptrend it has established.


However, such a strong move also calls for a time to take a chill pill.



Supply on Exchanges

CRO Supply on Exchanges - Sanbase

There were tell-tale signs prior to the run up if one were to check Supply on Exchanges.


A strong consistent dip in Supply on Exchanges has helped to reduce sell pressure while Crypto.com's marketing campaign were out in full force (recently bought the naming rights to Staples center) - Perfect recipe for pushing prices.



MVRV 7D

CRO MVRV 7D - Sanbase

CRO's MVRV 7D which measures the short-term profit/loss of holders is showing that we are in the danger zone, as all short-term holders are in the profit at the moment - Which could incentivise them to take some profits.



Network Growth

CRO Network Growth - Sanbase

Very impressive Network Growth by CRO recently, consistent higher highs in Network Growth as Price moves up is a healthy sign. However, it's important to note that once there's a deviation (falling Network Growth, rising price), it could be a sign of weakness before it eventually tops out.



Daily Active Addresses (DAA)

CRO Daily Active Address - Sanbase

CRO's Daily Active Addresses, mirrors that of Network Growth, indicating that most activity is coming from new participants that probably bought in during the rally. Will they eventually become bagholders? Who knows, but this new group of participants will form as the "sell pressure" if price starts to tank and they panic.


Eventually, we want to see a higher DAA than before once price consolidates to indicate a healthy network.



Social Volume

CRO Social Volume - Sanbase

The FOMO is real as seen from the massive spikes in social volume over this month as compared to the previous months. So much so that it was appearing more than once as one of the top words in our Social Trends ranking.


Historically, if a coin appears for several days in Social trends, it's highly likely that the local top is in.


Summary

Overall, very nice price action from CRO after consolidating for months. However, it's likely to cool off before the next run.


On-chain/Social metrics are also indicating that quite a number of people FOMO'd in, and will likely act as sell pressure if things go south.

MCOCRO
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Sanfam
Nov 19, 2021

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Assets from this insight

Crypto.com logo

Crypto.comMCO

$ 15.55

15.94%in last 7d
Crypto.com Coin logo

Crypto.com CoinCRO

$ 0.617086

19.65%in last 7d

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