Why i think that MCO still has a long way to go down:
If you search the net for some info about Crypto.com you will find a lot of people that really don't trust the company (ponzi scheme) or lost their faith in it.
People (like me) who live in Europe have waited very long for their crypto visa card to arrive. I got mine a few weeks ago. And a lot of people are still waiting.
Recently Wirecard lost about 1.9 Billion (happens to me all the time). Well this is the card provider for crypto.com in Europe and the UK. So the card doesn't work anymore. (Still works in USA, and Singapore and maybe some other Asian countries?)
Before this happened, people were already complaining about the value of MCO and that crypto.com doesn't care about the coin anymore and only about their "newer" coin CRO.
I think this is the main reason why MCO started going downhill. Wirecard was the reason for a bigger drop past days.
But why do i think it will slowly bleed to go down further:
1. People still have some MCO locked for the card that they didn't received, or in the earn function on the app and will probably start selling once they are set free because of recent news.
2. People will probably downgrade their card because it lost most of it's functions (no point on staking 4500MCO for 2% extra interest when a coin goes -20%).
3. Finding a new card provider will take (this is just my guess) at least a couple of months and more people will lose faith.
4. Fewer new interested people will be attracted.
I sold a bunch MCO a couple of weeks ago because of bearish RSI on the daily chart. So i'll dca on the blue target points. first 2 boxes seem very possible. Next 3 will maybe happen if BTC takes a big hit.
I pretty sure they will find a new card provider and that MCO will be a succesfull coin, so for me this wirecard bullshit came right on time. They have a very succesful team (more than 200 people), good exchange, popular second coin CRO, syndicates,..
Some other people will also take the opportunity to accumulate MCO cheap for the ICY white card, that seemed impossible a couple of weeks ago. The card program was where it all started, they can't let it die, we must have some patience :)
If you search the net for some info about Crypto.com you will find a lot of people that really don't trust the company (ponzi scheme) or lost their faith in it.
People (like me) who live in Europe have waited very long for their crypto visa card to arrive. I got mine a few weeks ago. And a lot of people are still waiting.
Recently Wirecard lost about 1.9 Billion (happens to me all the time). Well this is the card provider for crypto.com in Europe and the UK. So the card doesn't work anymore. (Still works in USA, and Singapore and maybe some other Asian countries?)
Before this happened, people were already complaining about the value of MCO and that crypto.com doesn't care about the coin anymore and only about their "newer" coin CRO.
I think this is the main reason why MCO started going downhill. Wirecard was the reason for a bigger drop past days.
But why do i think it will slowly bleed to go down further:
1. People still have some MCO locked for the card that they didn't received, or in the earn function on the app and will probably start selling once they are set free because of recent news.
2. People will probably downgrade their card because it lost most of it's functions (no point on staking 4500MCO for 2% extra interest when a coin goes -20%).
3. Finding a new card provider will take (this is just my guess) at least a couple of months and more people will lose faith.
4. Fewer new interested people will be attracted.
I sold a bunch MCO a couple of weeks ago because of bearish RSI on the daily chart. So i'll dca on the blue target points. first 2 boxes seem very possible. Next 3 will maybe happen if BTC takes a big hit.
I pretty sure they will find a new card provider and that MCO will be a succesfull coin, so for me this wirecard bullshit came right on time. They have a very succesful team (more than 200 people), good exchange, popular second coin CRO, syndicates,..
Some other people will also take the opportunity to accumulate MCO cheap for the ICY white card, that seemed impossible a couple of weeks ago. The card program was where it all started, they can't let it die, we must have some patience :)
Comment:
There is some bullish divergence on the daily chart, so i expect it to go up in the short term.
Order cancelled:
MCO is dead
Trade closed manually