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Many currencies have dropped to new all-time lows following an extreme crypto market sell-off. Is now the best time to go bottom fishing? Many tokens evaluated last week followed the predicted route and fell to new lows. However, this might be an opportunity to establish the next support zones from which a reversal could occur in the following weeks. Cardano (ADA) and Polkadot (DOT) look to have found support and now could start trading upwards. Chronoly.io has bucked the trend so far this month and is up 233% and is one of those new presale tokens that look really promising due to its unique features and utility.
Cardano is one of the largest blockchains implementing a proof-of-stake consensus process, using less energy than Bitcoin’s proof-of-work method. On the other hand, Ethereum will be switching to PoS, which will be slow. Cardano released a promising update ahead of the planned testnet, which will start in June 2022. The network claimed a solid base, with numerous initiatives scheduled for launch with Fund9.
Cardano (ADA) just published its Weekly Development Report to keep users up to date on the latest developments. The study provides timely insight on current network activity, with the Vasil hard fork stated to start next month. Currently Cardano (ADA) is trading at USD 0.47 and has retraced significantly during the first half of 2022 however the crypto community remain bullish on Carano and see a bounce back to USD 1.24 on the cards over the short term.
Polkadot (DOT) has managed to stay in the top 20 cryptocurrencies by market cap thus far. However, recent market developments have compelled investors to re-evaluate their portfolios favoring digital currencies with solid fundamentals, but can DOT meet these requirements?
Polkadot’s multi-chain method might give further information into whether investors believe DOT is valuable enough to include in their portfolio. Interoperability and multi-chain is the future of blockchains and was the primary theme of attention at the WEF22 conference on May 16. Although DOT is expected to benefit from organic development as the Polkadot ecosystem expands, it is also highly connected with Bitcoin. As a result, it struggled to maintain a solid recovery following last week’s market fall and is currently trading at a daily low of USD 8.90 at the time of writing. Some crypto traders forecast the price of Polkadot (DOT) to bounce back from here and attempt to reach USD 26.74 before approaching the USD 52 mark, prescenting plenty of room for growth.
Chronoly.io is a decentralized marketplace that disrupts and revolutionizes the watch industry by making it possible for anybody around the world to buy, sell and collect high-end luxury watches from renowned brands such as Rolex and Patek Phillippe on a fractional basis.
An authentic physical watch backs each NFT on the Chronoly marketplace. This watch is authenticated, insured, and kept in one of the world’s safest depositary vaults. The watch NFT is then fractionally divided, letting anybody buy a portion of the watch from as little as USD 10. Users may exchange their fractions on Chronoly (CRNO)‘s secondary market or an Ethereum (ETH) blockchain-based third-party NFT marketplace like Opensea. The NFTs backed by Chronoly watches may be used as evidence of authenticity and ownership, collateral for lending, trading in secondary markets, or kept as digital collectibles inside the Chronoly ecosystem or Metaverse.
The worldwide watch market is valued at 49 billion dollars, with the secondary watch industry valued at 18 billion dollars. Experts predict that the pre-owned watch market will be valued at USD 29-32 billion by 2025.
From insuring against inflation to hedging risks in a bear market, owning the NFT enables everyone in the world to preserve their capital digitally and anonymously. Finally, Chronoly (CRNO) allows crypto investors to deploy funds to off-chain collectible assets while remaining “on chain”.
The Chronoly (CRNO) tokens are now in presale and selling at USD 0.033 up 233% from last weeks price of USD 0.01 and many crypto traders are bullish about the project’s unique utility of real-world assets and NFTs. Could we see a price of USD 0.50 for the CRNO tokens before July 27th? well that remains to be seen.