Key Takeaways:
- MCO, native token of Crypto.com, jumped over 82% on Jan 14.
- The Singapore-based exchange announced listing of IDEX.
NEW DELHI (CoinChapter.com) — Singapore-based cryptocurrency exchange Crypto.com’s native token MCO price rocketed upwards with an 82.2% jump on Jan 14, going from $7.07 to reach an intraday high of $12.88 before pulling back.
MCO’s Friday rally comes on the back of a 26-day downtrend, as the Crypto.com token started moving downhill after reaching a high of $28 on Dec 17. Since then, MCO prices have lost 68.7% of their value. In addition, MCO is currently bearish across all time horizons, with its short, mid, and long-term MA lines trending above its prices.
After Jan 14’s jump, the MCO token price faces immediate resistance near its 100-day MA line at $11. However, if the token continues its upside movement, MCO’s next target would be the resistance at $12, near its 50-day MA line. Moreover, a sustained uptrend could take MCO to $13.4 before pulling back.
The relative strength index for MCO climbed nearly vertically but was still in the neutral region, clocking 50.57 on the daily charts. On the other hand, if retail traders start a sell-off to profit from MCO’s gains, prices could drop to $8.3. Moreover, if the RSI climbs into overbought levels, it would risk MCO moving down to $7.4.
Also Read: Crypto.com (CRO) poised for gains in 2022, as it aims to make top 20 consumer brands.
Furthermore, MCO has support near $6.7, a price level unbroken since Oct 5.
Meanwhile, trend-based momentum oscillator MACD continues to be bearish for the Crypto.com token. However, bars on the MACD histogram are contracting, indicating that the MACD line (difference between 12-day and 26-day EMA) is moving up towards the MACD signal line (9-day EMA of MACD).
The MACD line moving towards its signal line indicates increasing bullishness for MCO’s price momentum. However, MCO needs to continue its rally for the momentum to remain bullish.
Crypto.com Lists IDEX
The Singapore-based crypto exchange listed IDEX, formerly Aurora DAO, a hybrid liquidity DEX that combines centralized and decentralized exchange attributes while offering a non-custodial solution for digital asset trading.
IDEX has the performance and features of a traditional order book and the security and liquidity of an Automated Market Maker. In addition, users can stake the exchange’s native token, IDEX, to help secure the protocol and earn rewards.
Also Read: MCO jumps more than 182%, riding Crypto.com fundamentals.
Meanwhile, IDEX tokens have been currently trending downwards, failing to react to the listing news.
At the time of writing, MCO was trading at $9.7, up 36.81% on the day.
