Crypto.com Coin (CRO) surges 70% on massive token burn announcement

Crypto.com Coin recorded a massive price gain as the project changed how they approach CRO staking and announced a massive token burn. What should you expect next, and should you buy some CRO now?

Fundamental analysis: CRO poised to enter the market cap top10?

Crypto.com Coin has been in the limelight lately as its crypto debit cards have been performing extremely well. With all the added features their cards offer (staking, free access to Netflix, Amazon Prime, Spotify, etc.) and the new approach of how users can obtain these cards, the overall sentiment around Crypto.com Coin has turned even more bullish. On top of that, as the cryptocurrency prepares its mainnet launch in March, Crypto.com Coin announced a 70 billion CRO token burn:

As it prepares for mainnet launch next month, @cryptocom is to destroy 70 billion of its own CRO tokens in what it's calling "the largest token burn in history."Via @JamieCrawleyCD https://t.co/p0UzErJTVr

— CoinDesk (@CoinDesk) February 22, 2021

CRO posted week-over-week gains of 153.64%, outperforming both BTC‘s week-over-week gains of 9.83% and ETH‘s 5.11% loss. Crypto.com Coin is currently the 16th-largest cryptocurrency by market cap, boasting a value of $5.35 billion.

At the time of writing, CRO is trading for $0.217, which represents a price increase of 260.49% when compared to the previous month’s value.

CRO/USD technical analysis: CRO retraces after a 70% surge that brought its price to $0.273

Crypto.com Coin (CRO) has been in an uptrend since early February, with its price topping the $0.15 mark. However, the recent token burn announcement has created an influx of buying power that pushed its price up to an all-time high of $0.273.

CRO is currently in retracement mode, with its price dropping below the 23.6% Fib retracement level. However, the cryptocurrency has strong support levels below it on lower time frames, as well as in the 38.2% Fib retracement level of $0.199.

CRO/USD 12-hour chart

CRO’s RSI on the daily time-frame has been trading in the overbought territory for some time now, with its current value currently sitting at 73.19.

CRO/USD 1-hour chart

CRO’s hourly time-frame show’s the massive price spike on the same (elevated) volume. The cryptocurrency is currently retracing as it follows the rest of the market down. However, even though it dropped below the 23.6% Fib retracement level of $0.227, CRO will soon encounter its moving 21-hour EMA support level.

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