Following the recent downturn in August, crypto prices have been under lots of selling pressure from investors unsure of where the markets are headed. Some tokens have lost almost half of their value from August to early September, which shows just how fickle some investments can be.
In this article, we’ll put three tokens under a microscope and try to figure out exactly what’s going on with their prices. These tokens are Dogecoin (DOGE), Flow (FLOW), and Chronoly.io (CRNO).
Not much reason to be hopeful with Dogecoin (DOGE)
Dogecoin (DOGE) represents the ultimate speculative asset. Providing little in the way of real utility and mainly known for being a memecoin, advances in its price can be seen as a measurement of how greedy and speculative investors are becoming.
After peaking at $0.089 in mid-August, its price has since collapsed by nearly a third down to $0.059. And there’s been almost no sign that DOGE is picking up the pace any time soon. It recently traded just below its late-July low of $0.06, and if further bearishness hits the market, it’s likely to fall down to June’s lows of around $0.050.
Flow (FLOW) is moving downstream
The layer-1 Ethereum alternative, Flow (FLOW), has also been struggling recently. It’s a little less speculative than Dogecoin, at least providing some real-world utility. Investors saw this as a good reason to pile in, which caused a big runup to $3.25 on the 11th of August from a low of $1.81 earlier that month.
Alongside the rest of the market, FLOW’s price collapsed – further than its August low. It’s currently trading for $1.95 in early September, yet the recent lows put in could spell further declines for the FLOW token. Things look a little more hopeful for FLOW, but it’ll take plenty of bull momentum for it to break its August high. Lows of $1.44 from July look much more likely.
Chronoly.io (CRNO) is performing brilliantly
Despite a fall in the broader crypto market, Chronoly.io (CRNO) has outperformed almost every token. In fact, it’s up 690% since May, trading at $0.079 right now. We’ll get into future prices shortly, but for now, let’s look at what Chronoly.io (CRNO) is.
Chronoly.io (CRNO) is a blockchain-based marketplace for trading in shares of luxury watches – a market that’s set to grow to around $30bn in the next three years. Using fractional NFTs, they’ve created a way for the average Joe to invest in inflation-resistant timepieces from brands like Richard Mille, Rolex, and Audemars Piguet, which they provably own in their secure bank vaults worldwide.
They’ve already built up a loyal following that’s been buying up Chronoly.io (CRNO) tokens rapidly – nearly 220m have been sold already! The Chronoly.io (CRNO) token is used on the marketplace to receive discounted trading fees, as well as passive income from staking and entries into a prize draw to win a real watch every month!
Now on to CRNO’s price: as mentioned, one CRNO token is worth $0.079, but many analysts expect significant gains within a month. They’re predicting that the token will soon be worth potentially $1.00 by the end of presale in late September, which could net anyone who got in now a nearly 1200% return. While the rest of the market looks shaky, Chronoly.io (CRNO) looks like a sure bet.
Always conduct proper research when dealing with pre-sales of currencies and tokens. The information above does not constitute investment advice by CryptoMode or its team, nor does it reflect the views of the website or its staff.
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