Place/Date: - June 22nd, 2022 at 1:22 pm UTC · 3 min read
When traders and investors talk about “resistance” they don’t mean that they are taking up arms ready to storm the steps of the Winter Palace. It’s a term that refers to the market value of a stock or a crypto. Resistance or a resistance level, is the price at which the price of any particular security encounters pressure on its way up because of the emergence of a significant number of sellers who wish to sell at that price. The price of Bitcoin (BTC) appears to be running into resistance now while, to the contrary, Chronoly (CRNO) is climbing up the charts unimpeded.
Bitcoin dropped below $20,000 in a particularly stormy week, with support bow above $20,000 proving to be the key. Following the loss of the $30,000 marker earlier this month, the loss of the $20,000 floor might have a significant influence on market mood if this occurs again.
Last week news emerged of improving economic conditions in the second quarter of this year. However, talk of a recession has increased. The Fed’s commitment to combating inflation has generated worries about the US Federal Reserve’s ability to achieve a smooth landing.
With multiple hurdles for investors to consider in the near term, movement through this weekend could be significant. Fed rate hikes in line with estimates will put market nerves to the test, with the latest developments in the SEC v Ripple case likely to have an impact on investor mood. A potential shift in the regulatory landscape, as well as a decision on which authority will govern the US market, must be taken into account.
Bitcoin and Chronoly are experiencing diametrically opposite market sentiment. Following a 400% gain in the token in phase 1 of the presale, which began only a few weeks ago in early May 2022, Chronoly (CRNO) has grabbed the interest of investors.
Because it is not based on memes and hype, Chronoly (CRNO) is able to tackle the digital currency trust problem. Chronoly (CRNO) is a project that allows investors to own shares in rare timepieces from some of the world’s most prestigious watchmakers, such as Rolex, Patek Philippe, and Audemars Piguet. The form of each fractional watch NFT is minted and backed by the physical version, which is fully insured and kept in a depositary vault. This results in a cryptocurrency that is backed by actual assets and has the potential to increase investment profits.
The world is starting to realize that most of the excitement surrounding cryptocurrency was based solely on promotion. Investors are expecting safety, security, and value stores as a result of the numerous bubbles that have popped. Watches have proven to be reliable investments for hundreds of years, and the physical backing will put a floor under the price of Chronoly (CRNO) with a physical book value. You only need to look at the numbers to see how valuable this coin is. Its initial presale price was $0.01, and it has now risen to $0.05. While Bitcoin struggles to get up off the floor, Chronoly is soaring. Analysts are predicting a further rise of over 1,500% before the presale concludes on 27th September. This is a real gem not to be missed out on.