- MCO, one of crypto.com’s native tokens, logged a three-digit jump on Dec 8.
- Crypto.com’s recent fundamentals, including launch of phase 2 of crypto.org chain, might be fueling MCO gains.
NEW DELHI (CoinChapter.com) — MCO, one of the two native tokens of cryptocurrency exchange Crypto.com, jumped 182% between low ($8.5) to high ($24) levels on Dec 8.
Market corrections later stepped in, and the Crypto.com token pared profits. However, the MCO token is still bullish on its 4-Hour (4H) charts, trading above its 50-4H and 200-4H MA trendlines. Retail traders likely stepped in to take advantage of MCO’s jump, resulting in the massive corrections.
If MCO fails to launch a rally after Wednesday’s jump, prices could fall to immediate support at $11.8. In addition, a marketwide sell-off would bring prices down to support at $10.6, where the 26-4H EMA and 200-4H MA trendlines form a support confluence.
However, if MCO begins an uptrend, bulls would have to compete with immediate resistance at $14.6. A close above immediate resistance would improve market sentiments, as MCO has failed to above $14.60 since Jun 15. Further resistance for the digital asset is at $16.6.
A sustained buying sentiment could send prices to $17.6 before any pullback occurs.
Meanwhile, momentum oscillator MACD charted a bullish crossover on Dec 7. Furthermore, bars on the MACD histogram are expanding, indicating that the MACD line (difference between 12-4H and 26-4H) is moving further away from its signal line (9-4H EMA of MACD).
Expanding bars indicate that MCO’s momentum in the short term is extremely bullish.
The relative strength index for MCO moved into the overbought regions after MCO’s 182% jump early in the day. However, the RSI trendline turned back sharply and is currently neutral, clocking 58.56 on the 4H charts. The price action followed the RSI trendline almost by the book.
In detail, an asset is considered overbought when its RSI is above 70 and ready for trend reversal.
MCO is one of the native tokens of Crypto.com (formerly Monaco). The exchange, which helps users earn, trade, pay, and borrow using cryptocurrencies, also offers VISA-backed reward cards.
On Dec 7, phase II of the Crypto.org chain went live, which would enable native token issuance on the Crypto.org chain. The protocol is an open-source, permissionless blockchain that aims to build a fully decentralized network with high transaction speeds and low gas fees.
The proposal to bring Draco II live passed with 99.9% votes in favor.
Crypto.com also announced the listing of Orchid (OXT) and Powerledger (POWR) on its platform. Both cryptos would be available as trading pairs with USDT.
Meanwhile, the Cronos hackathon, which launched in Sept, ended on Wednesday. The hackathon invited security experts and developers to develop Web3, Metaverse, DeFi, etc., related projects.
The hackathon, backed by startup accelerator Particle B, has a total prize pool of $500,000 to help encourage early-stage projects on the Crypto.com ecosystem.
Additionally, in Nov, Crypto.com signed a deal with AEG to change the name of the iconic Staples Center in Los Angeles to Crypto.com Arena for the next 20 years. The bold marketing campaign cost the exchange more than $700 million, making it one of the biggest naming deals in sports history.