OKEx set to launch CRO staking amidst price slump

OKEx set to launch CRO staking amidst price slump
OKEx is set to launch CRO staking.

Key Takeaways:

  • CRO staking to go live on OKEx exchange tomorrow.
  • CRO price inactive over the past 30 days after massive surge in Nov.
  • Reasons why CRO price may be clear to surge in Jan.

NIGERIA (CoinChapter.Com) – Crypto.Com (CRO) token has received a massive boost as Seychelles-based cryptocurrency exchange OKEx announced it would launch CRO staking service on Thursday.

According to a statement by the crypto exchange on Wednesday, the staking service is estimated to accrue at least a 13.20% yield. After the service comes live on OKEx on Thursday, it would strengthen CRO utility and liquidity.

Similarly, the service would enable millions of OKEx users to conveniently stake CRO and enjoy staking rewards on the OKEx platform.

CRO staking service on OKEX comes when the token is experiencing difficult times in the crypto market. As a result, CRO’s price action for 2021 was surprise-packed as the coin recorded massive gains in the year, propelling it to rank among the top 20 cryptocurrencies in the market. CRO surged by 860% in 2021.

Crypto.Com (CRO) token ranks among top 20 coins
CRO token ranks 16 among the top 20 coins in the crypto market. Source: CoinGecko.com

However, the coin has continued to trade in a tight range between $0.50 and $0.61. The docile price movement has lasted for over thirty days. CRO’s price started to decline in 2021 after its market cap rose to fame in November as its price noted an over 350% spike within that month alone.

However, afterward, it began to stagnate, and according to technical indications, it does not appear to be changing anytime soon as analysts predict more downside movement for the coin.

What next for CRO after 2021 hallmark, drawback

As previously said, the coin made its most gains in November 2021 after Crypto.com had announced back-to-back deals with a host of football clubs and also secured the naming rights to LA Lakers’ Staples Centre in a $700 million deal.

The aggressive marketing mix alongside reports that Coinbase exchange would list CRO after the rise in demand fueled the massive rally.

After the notable rally and a new ATH of $0.96 in the last week of November, general interest and confidence around the coin started waning, and the same could be seen in CRO’s declining trade volumes. As a result, the coin lost around 44% of its ATH after the early December flash crash. CRO currently trades at $0.54.

CRO Price surged to an ATH
Over the past three months, CRO Price surged to an ATH and dropped after. Source: TradingView.com

Even though lower than the ATH levels, the altcoin’s market cap dominance still held better than the over 35% price losses. Further, the circulating market cap held $14.32 billion, almost 35% down from the ATH levels of $22 billion.

CRO token market cap dominance.
CRO token market cap dominance. Source: Messari.com

Analyst bullish on CRO token regardless

ShardiB2, a pseudonymous crypto analyst, has predicted a spike in Crypto.com price. The analyst evaluated the Crypto.com price trend and revealed his bullish outlook.

Similarly, analysts at the YouTube channel CryptoCache believe that if the next higher low is over $0.571, Crypto.com’s price could bounce and break into an uptrend.

The bullish predictions come on the heels of news that Crypto.com turned out to be important for a national-level blockchain association with the National University of Singapore.

Crypto.com has turned into a Gold Member of the Singapore Blockchain Innovation Program. The National University of Singapore teamed up with Enterprise Singapore, Infocomm Media Development Authority to encourage blockchain innovation.

As the exchange continues to scale its presence across the US, supporting instant deposit services for users and acquisitions of crypto exchanges, Crypto.com expands its product offerings.

As Gold Member, Crypto.com would foster the development and adoption of blockchain technology in previously untapped sectors. This could fuel a bullish narrative for the adoption and utility of Crypto.com token CRO.

Further, the Cronos testnet had recently completed 15 million transactions in its incentivized testnet event, Cassini.

All these alongside OKEx CRO staking, which will go live tomorrow, the coast may be clear for the coin to revisit and surpass its previous ATH.

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