The price of Crypto.com Coin (CRO) has soared this week, but analytics firm Santiment warns that certain metrics indicate the hot altcoin project may be ready to cool off. Here are the details…
Will Crypto.com’s altcoin project decline? Santiment explained
cryptocoin.com As we’ve reported, CRO’s momentum has developed following news that the iconic Staples Center in Los Angeles will be renamed the Crypto.com Arena. Now, the cryptocurrency CRO, which powers the Crypto.com payments, trading and financial services platform, is trading at $0.91, up more than 120 percent from a week ago. In a new analysis, Santiment notes that it has seen an increase in FOMO (fear of missing out) towards the CRO on social media. According to the company, this is a potential bearish indicator. The company uses the following expressions:
FOMO is real, as evidenced by the increased social volume this month compared to previous months. So much so that it appeared more than once as one of the most searched words in our Social Trends ranking. Historically, if a coin has been trending for several days, the local top is highly likely to be in.
Santiment also examines the MVRV 7D metric, which is calculated by dividing the CRO’s market value by its actual value. The analyst firm notes that the CRO is currently in “danger territory” because short-term holders of the asset have seen an increase in the value of their investment, which may entice them to turn a profit. Santiment says the CRO will likely cool before the next price move, as on-chain and social metrics act as selling pressure.
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