Crypto.com Technical Analysis: MCO/USD 40% explosion caused by the merger of MCO and CRO
- CRO and MCO are going to be merged into one token.
- MCO holders can now swap their tokens for CRO until November 2.
The recent swapping news mad the price of MCO explode by more than 40% within minutes of the announcement. MCO is now trading at $5.671 and getting closer to a $100 million market capitalization. CRO hasn’t moved much as it is already sitting at a $3.1 billion mcap.
MCO/USD 1-hour chart
One hour after the announcement, MCO jumped 28% to $5.25 and got a continuation on the next hour up to $6 before getting rejected. Bulls have established a bull flag now and are waiting for the RSI and other indicators to cool off. The 12-EMA is slowly catching up with the current price and will serve as a support level if the consolidation gets dicier.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
