A dead cat bounce is a transient, short-term recovery of asset prices from a long-term downturn or bear market, followed by the downtrend continuing. Short periods of recovery—or minor rallies—frequently interrupt downtrends, causing prices to momentarily climb. The term “dead cat bounce” refers to the idea that even a dead cat can bounce if it falls far and fast enough. In this post, we discuss whether Ethereum is undergoing a ‘dead cat bounce’ and also Chronoly (CRNO) which is a very alive cat.
Ethereum (ETH) is a cat that may not be quite dead yet
In June 2022, the Ethereum price plummeted to $880 as the crypto markets experienced a massive sell-off. The majority of cryptocurrencies, including Bitcoin, have sunk to new 52-week lows. The continuous bear market in traditional markets, particularly in tech equities, has had a knock-on effect in crypto markets. While many analysts feel that the worst is still to come for cryptocurrencies, many others believe that the worst is yet to come. As a result, all bullish Ethereum price projections appear to be on a knife’s edge.
At the time of writing, the price of Ethereum in US dollars is $1040, down from it’s all-time high in November 2021. This price drop has had a negative impact on the ecology as well. The majority of Ethereum-based tokens are trading at a fraction of their all-time highs in 2021. Despite the fact that ETH is up 24 percent from its lows last week, many investors see the recent recovery as a dead cat bounce.
However, technical analysis of the Ethereum (ETH) price chart indicates that the price is forming a bear flag. This bear flag has the potential to drive the price down to as low as $800. Chronoly (CRNO) is a lively, young kitten
Investors see Chronoly as a way to blend old and new investing. The idea includes a decentralized marketplace for trading and authenticated, premium timepieces. Chronoly.io aspires to democratize investment timepieces which have outperformed traditional investments for decades because of various barriers to entry and waiting lists. Built on Ethereum, users can trade NFTs backed by the real, insured watch housed in a secure vault. By fractionalizing the NFT, investors of all sizes can invest, like you could own part of a Rolex for $10.
The CRNO token powers Chronoly’s ecosystem and gives investors access to exclusive benefits. Token holders can participate in asset-backed lending to receive a passive monthly income, spend CRNO tokens, get savings on trading fees and enter a free monthly lottery to win a luxury watch. Chronoly.io token price is $0.05, up 400% from $0.01 last month. Chronoly is in phase 2 of the presale, and traders predict the price to rise as the “crypto meltdown” continues and investors seek real-world asset-backed enterprises. That’s why Chronoly (CRNO) is like a catnip for savvy investors looking for a valuable investment and a good long-term bet. Analysts are predicting a further rise of 2,000% before the end of presale.