Deep Dive
1. CROSS Wave 2.0 Sell-Off (Bearish Impact)
Overview: The CROSS Wave 2.0 campaign went live on February 1, offering Web3 creator incentives tied to CROSS holdings. While initial participation drove a 26% price surge in January, the 24h drop aligns with profit-taking after the launch.
What this means: Events that require token holdings often see pre-event accumulation followed by post-launch selling as participants cash out rewards. With CROSS already down 15.5% monthly, weak follow-through on the campaign’s user growth metrics likely amplified selling.
2. Altcoin Liquidation Pressure (Bearish Impact)
Overview: The global crypto market fell 2.7% ($2.59T) with altcoins underperforming – Bitcoin dominance rose to 59.22% as investors fled risk. CROSS’s 24h volume dropped 16% to $4.4M, signaling fading momentum.
What this means: In "Extreme Fear" environments (per the Fear & Greed Index), low-liquidity altcoins like CROSS (turnover 0.116) face amplified sell pressure. The token’s -8.4% weekly loss outpaces Bitcoin’s -2.7%, reflecting its high-beta nature.
3. Technical Breakdown (Bearish Impact)
Overview: Price ($0.114) sits below the 7-day SMA ($0.118) and 30-day SMA ($0.128). The MACD histogram (-0.0014) shows bearish acceleration, while RSI-14 (32.7) nears oversold territory but lacks reversal signals.
What this means: Until CROSS reclaims $0.118 (7-day SMA), the technical setup favors shorts. The 23.6% Fibonacci retracement at $0.137 now acts as resistance – a break above this could signal trend reversal.
Conclusion
CROSS’s dip reflects profit-taking after its creator campaign launch, compounded by sector-wide risk aversion and weak technicals. While oversold conditions might invite bargain hunters, the token remains vulnerable to further outflows if Bitcoin dominance keeps rising.
Key watch: Can CROSS Wave 2.0 drive measurable user growth by Feb 5, or will the sell-off deepen amid shrinking altcoin liquidity?