CRO price corrects after skyrocketing on Coinbase integration – CVBJ

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The month of November has favored multiple altcoins, and one of them is the native currency of the Crypto.com platform; we talk about CRO. This has started to rise shortly after it was integrated into Coinbase; This may be because the asset is widely useful to get various rewards on Crypto.com; one of the most downloaded apps in the US.

It should be noted that at the time of writing the CRO price is $ 0.33. In addition, it records a daily loss of 11.72% according to CoinMarketCap and accumulates a gain of 53.84% in the last 7 days.

Coinbase may be the trigger for CRO price

Crypto.com is a project that has had a wide acceptance in the user community that constantly operates with cryptocurrencies; an example of this is the positioning of its application in the Play Store; This ranks number 1 in the most downloaded apps in the United States.

In addition to this, a few weeks ago Crypto.com partnered with Matt Damon, a Hollywood star. The objective is to carry out a project that is directly related to water processing.

A short-term rise was to be expected, and we have appreciated it. However, the real trigger was Coinbase; Thanks to its integration, now more US citizens can have exposure to the native cryptocurrency of the most downloaded app in the country in question. Hence the rise of the token from $ 0.20 to its ATH registered at $ 0.39.

The news exposed by Coinbase was the catalyst that CRO needed for its price to skyrocket; although at this moment, 3 days after integration, the asset is starting to sell to take profit; a fact that will cause a correction for a few days.

4-hour preview

In the 4-hour period, we see a pattern of bullish momentum being fulfilled, and as can be seen in the volume, there is an increase in transactions after the integration of CRO in Coinbase this Wednesday, November 3.

Additionally, the RSI is at extreme overbought levels; before and during integration. So it is not surprising that the token begins to correct in the next few hours; Since, as we mentioned, there will be profit taking from traders who invested days ago.

CRO analysis in 4-hour timeframeCRO analysis in 4 hours timeframe. Source: TradingView.

ENV channels also suggest that the CRO price should correct; at least up to the middle channel of the same; which in turn synchronizes with the 20-period EMA by marking a close support that is located at $ 0.30.

Without a doubt this would be the first support to watch; in the $ 0.30. Then we have critical support at $ 0.27; that the truth, I consider that the possibilities of reaching it are extremely low. Since, the necessary fundamentals are possessed to continue to rise; the current recession is simple profit taking.

The information in this content should be taken for informational purposes only, not intending under any point of view to urge the purchase / sale of financial assets.

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