Crypto.com Chain Technical Analysis: CRO/USD drops 13% after a controversial token swap

06 Aug 2020, 00:30 · Views 935

Just days ago, Crypto.com announced the merge of its MCO and CRO tokens.
Users have until November to swap their MCO tokens for CRO, this caused the MCO token to surge by more than 50%.

Unfortunately, CRO didn’t react positively to the news and dropped from a high at $0.178 to the current price of $0.157. Investors seem to be extremely angry as the price of a Crypto.com card has increased significantly due to the upcoming token swap. Furthermore, it seems that the platform made no previous remarks to the merge of the tokens which took investors by surprise.

CRO/USD daily chart

Either way, CRO is still in a robust uptrend and bulls are currently defending the daily 26-EMA at $0.151. The only resistance level nearby is $0.178 although the daily 12-EMA at $0.1593 could pose a threat for the buyers. CRO’s trading volume has been significantly decreasing in the past week and the MACD just turned bearish.

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