If you'll notice, CRO's current support and resistance lines put it in a position to form a head and shoulders over the next few days. I'd expect a dump soon with a wick down to the 0.063 cent region. I'm looking forward to getting some 6-7 cent CRO. And no, I'm not holding mine through this slaughter. So what went wrong? CDC had to cancel all of the European MCO cards they'd issued thanks to their card issuer (not CDC) losing over 1.8 billion dollars. Naturally, a lot of people got salty and pulled out the MCO they'd staked and, just for good measure, their CRO. This means smart money pulled out too, leaving nothing but lazy HODLers and people who aren't paying attention. The angle of the last peak matches very well with other sudden collapses in CRO's history. It apparently can't sustain that type of growth in that time scale, and needed a correction. I wasn't too worried at first. Unfortunately, there's an angled support line which the recovery is going to ride that will print the second shoulder in our head and shoulder formation. Then CRO will probably drop because it'll probably ride that support wave with too much enthusiasm. Then the chart takes over and dumps because that's what price action demands. I think the optimistic case here would be a drop to around 9 cents, but that seems too hopeful with the current defi crazy unfolding. I expect a lot of people to pull their money and throw it straight into a different investment that's bleeding less, or that just pumped hard and is about to dump because people love jumping into shark filled oceans to swim after a boat they've missed. Me? I'm parking that money on the sidelines, accepting my lost profits and waiting to buy a ticket on a boat that I haven't missed.
Order cancelled
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Nope. Not a head and shoulders. Not even a double peak. Faith in CDC has turned this potential calamity into a small bump in the road. My response upon realizing this was to immediately buy enough MCO to upgrade my card. That'll teach me to lose faith in CRO.
Think you were just a little early calling it! What are your thoughts now - bottom out around now or dump down to ~$0.025?
ChronicMasturTrader
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@ben_walker55, Hah! Way early. And I was thinking about CRO incorrectly. There aren't enough use cases for it to consider it an investment at the prices it reached and its value is heavily linked to the reputation of CDC. That seems bad.
For a few weeks I've been expecting us to bottom out at six cents, and It looks like a reasonable place for a bottom to form based on price action but for fundamental reasons, we can't consider it the bottom just yet. The absolute conceivable bottom I wager is around 1.9 cents, which would be a 90% drop. I don't think we're going to hit that. I've heard grumblings that we'll probably hit 4 cents. That looks achievable. The uncomfortable fact facing CDC is that we're entering that magical time of the year when people sell off alts that have performed poorly to use as tax write offs against their gains. Unless we see a significant bounce to 7-8 cents soon, I'd consider the bottom to be around $0.03, +/1 $0.01. So yeah, 2-5 cents. Still too early to tell.
ChronicMasturTrader
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@ben_walker55, CDC announced some changes to staking that allow people to access better ROI by counting their stakes towards multiple different functions offered by CDC, so the bottom is in. It's kind of annoying dealing with an asset that is moved so much more by fundamentals than price action.