CRO: The mean value of a transfer (USD value)Glassnode
תיאור
⋅
Hello. Below is an analysis of Crypto.com, an exchange that is aggressively marketing and that is snapping up the market.
Fundamentalist analysis Crypto.com has two main products: the centralized exchange and the DeFi wallet.
In the DeFi wallet, it is already possible to interact via the Ethereum network and two own blockchains: "Crypto.org Chain" and "Cronos".
"Crypto.org Chain is a blockchain application built using Cosmos SDK and Tendermint, intended as a backbone for some of the existing and future Crypto.org ecosystem". It was released about 1 year ago.
"Chronos is the compatible EVM chain running in parallel to the Crypto.org Chain (opens new window). It aims to massively scale the DeFi Chain ecosystem, by providing developers with the ability to rapidly port apps from Ethereum and EVM-compatible chains, with funding from Particle B's 100m EVM fund (opens new window) and access to the 10M+ user base of the Crypto.com ecosystem". It was released on 8 Nov 2021.
CRO is the native currency of these blockchains to pay gas and make transactions, just as BNB is from the Binance network.
Summary In my view, Crypto.com has an undervalued market value compared to larger exchanges like Binance. Also, her marketcap is smaller than worthless projects like DogeCoin and XRP. So, with the portability coming from the Cronos blockchain to Dapps that already run on the Ethereum network, the trend is to grow even more.
On-Chain Analysis We consider relevant the Glassnode indicator "Average Value of a Transfer in USD". Every time we hit a peak (red arrow), we usually hit a top. Except for the green arrow this did not happen.
Therefore, it is recommended to stay alert when this transfer spike reoccurs. Looking at Fibonaci, the next target I believe is $1.30
הערה
⋅
Sorry, I forgot to mention that they have a credit card too. Large presence in payments and usability.
This onchain metric is just supplementary volume information, which can signal a preview of strong movement, both up and down.
Trying to respond promptly to this question, we can consider the situation of the RSI (Relative Strengh Index) indicator.
--> First red arrow: After the volume peak, we have a diverging RSI, ie the price lateralizes while the RSI points down. Then the price drops.
--> Second red arrow: After the volume spike, we have an RSI pointing sharply down, while the price sideways. Right after the price drops.
--> Third red arrow: After peaking in volume, the RSI also rises, but then it plummets down, taking the price with it.
--> Green arrow: This time it was different. After peaking in volume, the RSI continued to rise, and the price is now in the discovery phase of new tops.
So in summary, this "Average Value of a Transfer in USD" metric serves as a possible warning flag, which should be used with other tools for confirmation. In this case I used RSI but they could be others.
Hope I helped, greetings.
cbury10
⋅
@andre_007, very helpful, I appreciate the response!