This is a bold prediction that on the surface seems baseless. It appears as though I pulled this number from my ***. However, this isn't the case. I've mentioned this price before in other posts, but I have never fleshed out why I think this is possible.
I've drawn a few trend lines on the chart. The bottom blue support clearly shows a long-term uptrend since the price formed a higher low.
The upper blue resistance line seems unreachable even though we have three points of resistance. I say this because the price would have to reach at least $2,000,000 to meet resistance at that line. Well, that isn't a logical conclusion.
Therefore, I think the pink resistance line is the best place for the next sell target. It goes from the high of the first weekly candle to the wick of the candle that reached $22.32.
Next, the price can reach the pink resistance line at any point in time. Meaning, our sell target really shouldn't be a set price since we cannot know when the price will reach that line. For example, if the price reached the pink resistance in early 2020 then we could liquidate our entire position around $4,705.
However, as previously stated, we don't know when the price will meet that resistance. So, we can liquidate our entire position whenever it does since the probability of the price tanking at that point is incredibly high.
Further, we need not liquidate our entire position if we want to keep some coins long term. But, for early investors (smart money) it makes perfect sense to liquidate 100% of our position.
Now, let's forget about trend lines and technical analysis and think about the more important issue which is its use case. Why should this token explode in value? What problem is it solving in the crypto space? Why should the demand for this digital asset grow exponentially? After all, there are thousands of tokens or coins to choose from. Why MCO?
MCO solves the problem of liquidity by allowing users to cash out of their crypto into their native currency so that they can spend their money with their crypto.com VISA card. This provides convenient access to digital money for every day purchases.
The counter argument is that you shouldn't be spending your crypto.
Well, I agree with this point to a very high degree. But, isn't it nice to have access to digital money any time you need it for an emergency. And, it isn't wise to hold your coins indefinitely since that violates smart management of assets. There are going to be times when it makes sense to liquidate your entire position (or a fraction of your position). Remember when Bitcoin was $19,891? That would have been a perfect time to take profit and use some of your capital for everyday life and hold for reentry into the market at severely discounted prices.
Furthermore, a user has to lock their tokens for a minimum of 6 months to secure a higher-tiered VISA card from crypto.com. And, the user must keep those tokens locked to enjoy the perks of their reserved card. This is smart for it will force users to hold their tokens long term (without selling for meager profits) while allowing them the opportunity to receive CRO airdrops (if legal in their territory) and the perks of the card.
This brings up an important point. You can hold MCO tokens as a long-term investment by locking your tokens until it makes sense to liquidate your position. When it's time to cash out, you can conveniently spend your profits anywhere VISA is accepted in the world. And, you can do so with perfect interbank exchange rates if you travel frequently with access to free ATM withdrawals up to a limit (depending upon card type).
You can't do that with a 401k investment. If you do, there is a severe penalty and it's a major hassle. That's the point!
Now, no one is in a position to put 100% of their money into crypto. If you are, then you are neglecting your basic responsibilities of providing for yourself and your family (if applicable). But, what you can do is transfer your wages from your traditional bank account to the MCO app and pay for all of your bills and daily purchases with your crypto.com VISA card. Why do this?
You'll get cash back in the form of crypto. You will be spending this money anyway. This is anyway money. If you're going to spend it anyway then you might as well get something in return. So, the card works like a credit card with cashback rewards without being a credit card.
For example, I have locked 500 tokens to receive the purple indigo VISA card which provides 1.5% cashback on all purchases. I'm going to pay my rent anyway. So, I might as well transfer my money from Chase Bank to the app so I can pocket the cashback rewards. No need to cash out the rewards either since it is in the form of crypto. You can but don't have to.
In the future, you'll be able to use the card like a secured credit card by using your crypto as collateral to take out a line of credit. No credit check will be required. And, you'll get a higher line of credit if you use MCO as collateral. If you don't repay the loan then you will lose your collateral as is expected. When you repay the debt, then your crypto will be returned to you as the rightful owner.
This is perfect sense most people don't want to spend their crypto but sometimes require a loan to satisfy a short term financial objective.
Finally, the crypto.com team has made some interesting moves since inception. They spent about $10 million purchasing the crypto.com domain. They've launched another token (CRO) which will act as a settlement token for every day purchases where users can spend any crypto within a network of merchants who accept the CRO token.
Lastly, MCO investors who store their tokens on the crypto.com app will receive CRO airdrops every month for 5 years wherever airdrops are legal. This move sparked a huge migration of MCO tokens to the app. Keep in mind, there isn't a huge supply of MCO tokens. There are only 31.6 million tokens and only 15 million are in circulation.
We may see a massive short squeeze when the demand for this token exceeds the supply in circulation. The cards are very close to being shipping to US residents who have already been asked to confirm their shipping addresses.
In my opinion, MCO may be the best crypto investment of 2019 because it is flying under the radar but has so much to offer in terms of mass adoption.
I've drawn a few trend lines on the chart. The bottom blue support clearly shows a long-term uptrend since the price formed a higher low.
The upper blue resistance line seems unreachable even though we have three points of resistance. I say this because the price would have to reach at least $2,000,000 to meet resistance at that line. Well, that isn't a logical conclusion.
Therefore, I think the pink resistance line is the best place for the next sell target. It goes from the high of the first weekly candle to the wick of the candle that reached $22.32.
Next, the price can reach the pink resistance line at any point in time. Meaning, our sell target really shouldn't be a set price since we cannot know when the price will reach that line. For example, if the price reached the pink resistance in early 2020 then we could liquidate our entire position around $4,705.
However, as previously stated, we don't know when the price will meet that resistance. So, we can liquidate our entire position whenever it does since the probability of the price tanking at that point is incredibly high.
Further, we need not liquidate our entire position if we want to keep some coins long term. But, for early investors (smart money) it makes perfect sense to liquidate 100% of our position.
Now, let's forget about trend lines and technical analysis and think about the more important issue which is its use case. Why should this token explode in value? What problem is it solving in the crypto space? Why should the demand for this digital asset grow exponentially? After all, there are thousands of tokens or coins to choose from. Why MCO?
MCO solves the problem of liquidity by allowing users to cash out of their crypto into their native currency so that they can spend their money with their crypto.com VISA card. This provides convenient access to digital money for every day purchases.
The counter argument is that you shouldn't be spending your crypto.
Well, I agree with this point to a very high degree. But, isn't it nice to have access to digital money any time you need it for an emergency. And, it isn't wise to hold your coins indefinitely since that violates smart management of assets. There are going to be times when it makes sense to liquidate your entire position (or a fraction of your position). Remember when Bitcoin was $19,891? That would have been a perfect time to take profit and use some of your capital for everyday life and hold for reentry into the market at severely discounted prices.
Furthermore, a user has to lock their tokens for a minimum of 6 months to secure a higher-tiered VISA card from crypto.com. And, the user must keep those tokens locked to enjoy the perks of their reserved card. This is smart for it will force users to hold their tokens long term (without selling for meager profits) while allowing them the opportunity to receive CRO airdrops (if legal in their territory) and the perks of the card.
This brings up an important point. You can hold MCO tokens as a long-term investment by locking your tokens until it makes sense to liquidate your position. When it's time to cash out, you can conveniently spend your profits anywhere VISA is accepted in the world. And, you can do so with perfect interbank exchange rates if you travel frequently with access to free ATM withdrawals up to a limit (depending upon card type).
You can't do that with a 401k investment. If you do, there is a severe penalty and it's a major hassle. That's the point!
Now, no one is in a position to put 100% of their money into crypto. If you are, then you are neglecting your basic responsibilities of providing for yourself and your family (if applicable). But, what you can do is transfer your wages from your traditional bank account to the MCO app and pay for all of your bills and daily purchases with your crypto.com VISA card. Why do this?
You'll get cash back in the form of crypto. You will be spending this money anyway. This is anyway money. If you're going to spend it anyway then you might as well get something in return. So, the card works like a credit card with cashback rewards without being a credit card.
For example, I have locked 500 tokens to receive the purple indigo VISA card which provides 1.5% cashback on all purchases. I'm going to pay my rent anyway. So, I might as well transfer my money from Chase Bank to the app so I can pocket the cashback rewards. No need to cash out the rewards either since it is in the form of crypto. You can but don't have to.
In the future, you'll be able to use the card like a secured credit card by using your crypto as collateral to take out a line of credit. No credit check will be required. And, you'll get a higher line of credit if you use MCO as collateral. If you don't repay the loan then you will lose your collateral as is expected. When you repay the debt, then your crypto will be returned to you as the rightful owner.
This is perfect sense most people don't want to spend their crypto but sometimes require a loan to satisfy a short term financial objective.
Finally, the crypto.com team has made some interesting moves since inception. They spent about $10 million purchasing the crypto.com domain. They've launched another token (CRO) which will act as a settlement token for every day purchases where users can spend any crypto within a network of merchants who accept the CRO token.
Lastly, MCO investors who store their tokens on the crypto.com app will receive CRO airdrops every month for 5 years wherever airdrops are legal. This move sparked a huge migration of MCO tokens to the app. Keep in mind, there isn't a huge supply of MCO tokens. There are only 31.6 million tokens and only 15 million are in circulation.
We may see a massive short squeeze when the demand for this token exceeds the supply in circulation. The cards are very close to being shipping to US residents who have already been asked to confirm their shipping addresses.
In my opinion, MCO may be the best crypto investment of 2019 because it is flying under the radar but has so much to offer in terms of mass adoption.
Comment:
I apologize for the grammatical mistakes which I can't edit.