Santiment, Analytics Firm is issuing a warning to traders as the Crypto.com Coin (CRO) is spiking this week. Of course, noting that certain metrics indicate the asset is ready to cool off.
Currently, CRO, the cryptocurrency, powering the Crypto.com payment is trading at $0.76.
Of course, it represents over 60% increase from a week ago.
Furthermore, Santiment says that CRO is recording a spike in FOMO (fear of missing out) on social media. Which of course, is a potentially bearish indicator.
So, Santiment explains.
“The FOMO is real as seen from the massive spikes in social volume over this month as…”
“compared to the previous months. So much so that it was appearing more than once…”
“as one of the top words in our Social Trends ranking.
Then, Santiment continues.
“Historically, if a coin appears for several days in Social Trends, it’s highly likely that the local top is in.”
More so, Santiment also examines the MVRV 7D metric, calculated by dividing CRO’s market value by its realized value.
Additionally, The analytics firm explains that CRO is currently in the “danger zone”. Also, this is due to short-term holders of the asset are already on profit and will want to take their profits.
Lastly, Santiment notes CRO will likely cool off before its next price run.
“On-chain/social metrics are also indicating that quite a number of people…”
“FOMO’d in and will likely act as sell pressure if things go south.”
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