As the recent downturn in the crypto market is having an effect on almost every token, it seems like AAVE is doing particularly poorly. The DeFi token has seen a 30% drop in just over a week, and its price looks to be recovering slightly while printing a bear flag.
Despite the broader bearishness in the crypto market, one token is doing very well recently: Chronoly.io (CRNO). Here, we’ll take a look at how AAVE has performed recently before examining just how well CRNO has done over the past few months.
Is Aave (AAVE) continuing its downtrend?
Aave (AAVE), the decentralized lending protocol based on the Ethereum blockchain, has seen tremendous popularity in the DeFi space. The AAVE token allows users to lend and borrow their tokens, offering competitive interest rates to those who offer to lend their tokens. Despite this utility, AAVE’s price has been suppressed recently.
While some point to a new bull market starting, it seems like AAVE’s recent run-up from mid-June to August is just a larger continuation of a bearish trend. This is in the process of being confirmed after AAVE’s most recent decline from $115 to $80 in mid-August – representing a 30% tumble. Now, if we see lows at $76 break, AAVE’s price will likely continue to fall further as part of a broader downtrend.
Conversely, AAVE would need to convincingly break above June’s highs of $124 to consider the token somewhat bullish again. In the current crypto climate, this is looking increasingly implausible.
While AAVE and other cryptocurrencies decline, investors are looking at the tokens that have delivered substantial gains over the past few months in hopes that they’ll continue their uptrends. One such token is Chronoly.io (CRNO), and it hasn’t seen a drop in price yet – in fact, it’s up 560% already, from a $0.01 to $0.066between May and August.
Chronoly.io (CRNO) is a decentralized marketplacethat’s looking to disrupt the luxury watch market. Traditionally, the average Joe has had little opportunity to get involved in luxury watch investing. Now, Chronoly.io(CRNO) is turning that idea on its head. They’ve minted a collection of exclusive fractional NFTs that are linked to real watches from brands like Rolex, Patek Phillipe, and Cartier.
However, they’re not just copycats; instead, they have third-party audited ownership of the physical watch held in their secure bank vaults across the globe. And the best part is, shares in them can be yours for as little as $10!
The CRNO token fuels the marketplace, offering discounted trading fees and the opportunity to earn a passive income by staking your tokens. They even act as your tickets into a lottery draw every month to win a luxury watch worth thousands.
At the moment, CRNO is trading for $0.066 in phase 3 of its presale. While tokens like AAVE have lost value between May and August, Chronoly.io (CRNO) is up 560% and is expected to rise further. Analysts are now predicting that Chronoly.io (CRNO) tokens will reach $0.50-$1.00 by the end of presale in late September. This could be your opportunity to bag a 1000%+ gain in a little over a month!
For more information about Chronoly.io presale
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Credit: Source link