Crypto.com Coin price has continued to rally even in the wake of retracements that have been experienced in the crypto market since the beginning of last week. The token has displayed an unbroken rally over the last three weeks rising a massive 346% over the last on month. If the uptrend is sustained over the next few days, CRO may make a run for new price discoveries above $1.
Crypto.com Coin Price Rally Fueled By Successful Marketing Campaigns
Las week, Fortune reported that Crypto.com had partnered with downtown Los Angeles to become the title sponsor replacing Staples. This has been termed as the most distinguished partnership the Singapore-based crypto exchange has entered into.
Interestingly, the deal appears to have paid off even before the Los Angeles Lakers unveil the new name which is expected to happen during their home game on December 25.
This is a $700 million deal, set to be paid over e period of 20 years and has illustrated the levels crypto companies are willing to reach to be recognized.
CRO, Crypto.com exchange native coin rallied as much as 67% and by Tuesday, it had set a new record high of $0.884. According to price and market data from CoinMarketCap, Crypto.com Coin had grown to become the 13th largest cryptocurrency asset, boasting of $21.6 billion in market value. Moreover, the token is up 1350% year-to-dat.
CRO May Get To $1
Crypto.com Coin price is trading in the green at $0.849 within the confines of a rising channel as seen on the daily chart.
Therefore, closing the day above the middle boundary of the ascending parallel channel at $0.727 will bolster the bulls to push CRO price higher to new all-time highs.
The daily chart presented below shows that the uptrend is still intact, especially with the Moving Average Convergence Divergence (MACD) higher above the mean line. A buy signal had also been maintained since the beginning of November, and reinforced the positive analysis
CRO/USD Daily Chart
On the downside, the Relative Strength Index (RSI) indicator is massively overbought at 87.33 indicating the bullish momentum is overheated and that a correction may ensure in the near term.
Hence, investors are advised to tread carefully to avoid bear traps even as the fear of missing out (FOMO) grips the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.