The Crypterium price bullish momentum has faded recently as momentum over Coinbase listing has eased. As a result, the CRPT price is trading at $0.5930, which is about 45% below its highest point in March. Subsequently, the coin’s market cap has dropped to about $48 million and made it the 647th biggest coin globally.
Crypterium is an upcoming cryptocurrency wallet that claims to offer more features than its big peers. It allows people to hold Bitcoin and about 19 cryptocurrencies. They can implement these purchases using their bank-issued cards. At the same time, people can easily earn interest, send coins, swap them, and even spend them instantly.
Crypterium also has a native cryptocurrency known as CRPT, which helps to provide more features to its users. For example, holders see lower transaction costs every time they handle transfers. The developers have also decided to increase the total burn rate in the next few years. This means that they intend to burn up to 30% of the total supply in the next two years. They have already burned 3.5 million coins.
The Crypterium price jumped sharply in March after Coinbase listed its token. As such, this action made it possible for more than 80 million customers to buy the coin. Therefore, the recent drop in the CRPT price is mainly because this initial enthusiasm has faded. Historically, digital currencies tend to rise when listed in major exchanges and then drop when this enthusiasm ends.
The hourly chart shows that the CRPT price has been in a strong bearish trend in the past few days. Along the way, it has formed a descending channel pattern shown in green. Today, the coin has moved slightly above the upper side of this channel. It also moved to the 61.8% Fibonacci retracement level while its volume has dropped.
The Crypterium price has also risen slightly above the 25 and 50-period moving averages. Therefore, there is a likelihood that the coin will resume the bullish trend as bulls buy the dip. Therefore, if this trend rises, the next key resistance to watch will be at $0.65. A drop below $0.5 will invalidate this view.
This post was last modified on %s = human-readable time difference 13:01