Observe how there is zero horizontal resistance for the price once it surpasses $28.99.
Eventually, in my opinion, the price will return to its peak at $4,704.97.
Why do I dare to make such a bold prediction?
Well, the max supply of tokens is capped at 31,590,000. And, according to the latest MCO whitepaper, tokens must remain locked if the cardholder wants to reap all of the perks of their respective card.
Furthermore, I think the majority of cardholders will keep their tokens in a locked state for the purpose of holding as a long term investment.
Therefore, over time the price should rise to incredible heights since the supply is very limited and tokens can't be sold on the open market while they remain in a locked position.
And, users will be more inclined to lock their tokens as collateral since they will receive a higher credit line.
I rarely mix fundamentals with technical in my analysis. However, Monaco is making big moves to bring crytpocurrency to the world.
For example, they recently acquired crypto.com which could be worth as much as $10 million. They are solving a huge problem in the crypto space with respect to liquidity and ease of use.
The VISA card is sexy. Plain and simple. It will function as a debit and a secured credit card where crypto will be used as collateral for a line of credit. The team is building tremendous value into the MCO token by offering exclusive benefits to those who buy and hold long term. For example, referral commission, airdrops, crypto cashback, etc.
Much more could be said but I'll leave the due diligence to the reader.
Eventually, in my opinion, the price will return to its peak at $4,704.97.
Why do I dare to make such a bold prediction?
Well, the max supply of tokens is capped at 31,590,000. And, according to the latest MCO whitepaper, tokens must remain locked if the cardholder wants to reap all of the perks of their respective card.
Furthermore, I think the majority of cardholders will keep their tokens in a locked state for the purpose of holding as a long term investment.
Therefore, over time the price should rise to incredible heights since the supply is very limited and tokens can't be sold on the open market while they remain in a locked position.
And, users will be more inclined to lock their tokens as collateral since they will receive a higher credit line.
I rarely mix fundamentals with technical in my analysis. However, Monaco is making big moves to bring crytpocurrency to the world.
For example, they recently acquired crypto.com which could be worth as much as $10 million. They are solving a huge problem in the crypto space with respect to liquidity and ease of use.
The VISA card is sexy. Plain and simple. It will function as a debit and a secured credit card where crypto will be used as collateral for a line of credit. The team is building tremendous value into the MCO token by offering exclusive benefits to those who buy and hold long term. For example, referral commission, airdrops, crypto cashback, etc.
Much more could be said but I'll leave the due diligence to the reader.
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Resistance levels:
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Why is MCO team celebrating with champagne on Instagram? Maybe something big is brewing. Perhaps the VISA cards are ready to ship to Asia. I am speculating here since no official announcement has been made yet.
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