I think MCO has the potential to reach $4,000 + during the next bull run. No, this won't happen overnight but will require much patience and discipline. Why do I think this? Well, let's get into it.
MCO had an impressive rally during Elliot wave 1 from $0.63 to $28.99. What followed was a nasty complex wave 2 correction. It isn't clear whether wave 2 has actually ended at $1.92. But, let's assume that it has for this analysis. Under that assumption, what follows is an explosive and violent impulse wave 3. Typically, wave 3 is the most violent wave where many people get left behind or buy in when its too late.
Let's suppose also that wave 3 is much larger than wave 1. Wave 1 went up about 46 times in value. If we square that same proportion then we can project wave 3 to climax at about $4,065. See below for calculation:
( ($28.99 / $0.63) ^ 2) * $1.92 = $4,065.52
Now, it is important to understand the assumptions that we have made:
1. MCO has finished its correction and $1.92 is the absolute bottom
2. MCO starts an impulse wave 3 which climaxes at the same ratio as wave 1 squared
It is perfectly fine to make these assumptions but only time can validate or invalidate whether these assumptions are true.
If they are true, then perhaps MCO can reach this target in Sept of 2023 (a little less than 5 years from now) where that price intersects with the top of the displayed parallel channel.
The total supply of MCO tokens would support this kind of valuation since total supply equals about 31 million. BTC has a total supply of 21 million and it reached $20k. Therefore, even if MCO had a total supply of 42 million (which it doesn't) then it could potentially reach $10k. Well, MCO has a total supply which is less than 42 million and we are projecting a value that is less than $10k.
Fundamentally, crypto.com is making big moves and is looking to become a major player in the crypto space. I'll leave the due diligence up to the reader but will mention a few key use cases:
1. A metal VISA card with a user-friendly app to buy, sell, store, and trade crypto and use it in the real world
2. An ongoing MCO token lock up required to receive perks of the card and future airdrops (for example, CRO)
3. Automatic investing to grow portfolio
4. Line of credit offered without credit check by using crypto as collateral
Much more can be said but time is a constraint at the moment. The point is, fundamentally speaking, a future value of $4,000 per MCO token is a realistic projection if MCO can deliver on its mission to accelerate the world's transition to cryptocurrency.
Finally, these are my own thoughts and these ideas should not be construed as investment advice.
MCO had an impressive rally during Elliot wave 1 from $0.63 to $28.99. What followed was a nasty complex wave 2 correction. It isn't clear whether wave 2 has actually ended at $1.92. But, let's assume that it has for this analysis. Under that assumption, what follows is an explosive and violent impulse wave 3. Typically, wave 3 is the most violent wave where many people get left behind or buy in when its too late.
Let's suppose also that wave 3 is much larger than wave 1. Wave 1 went up about 46 times in value. If we square that same proportion then we can project wave 3 to climax at about $4,065. See below for calculation:
( ($28.99 / $0.63) ^ 2) * $1.92 = $4,065.52
Now, it is important to understand the assumptions that we have made:
1. MCO has finished its correction and $1.92 is the absolute bottom
2. MCO starts an impulse wave 3 which climaxes at the same ratio as wave 1 squared
It is perfectly fine to make these assumptions but only time can validate or invalidate whether these assumptions are true.
If they are true, then perhaps MCO can reach this target in Sept of 2023 (a little less than 5 years from now) where that price intersects with the top of the displayed parallel channel.
The total supply of MCO tokens would support this kind of valuation since total supply equals about 31 million. BTC has a total supply of 21 million and it reached $20k. Therefore, even if MCO had a total supply of 42 million (which it doesn't) then it could potentially reach $10k. Well, MCO has a total supply which is less than 42 million and we are projecting a value that is less than $10k.
Fundamentally, crypto.com is making big moves and is looking to become a major player in the crypto space. I'll leave the due diligence up to the reader but will mention a few key use cases:
1. A metal VISA card with a user-friendly app to buy, sell, store, and trade crypto and use it in the real world
2. An ongoing MCO token lock up required to receive perks of the card and future airdrops (for example, CRO)
3. Automatic investing to grow portfolio
4. Line of credit offered without credit check by using crypto as collateral
Much more can be said but time is a constraint at the moment. The point is, fundamentally speaking, a future value of $4,000 per MCO token is a realistic projection if MCO can deliver on its mission to accelerate the world's transition to cryptocurrency.
Finally, these are my own thoughts and these ideas should not be construed as investment advice.
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