As most of the crypto market is falling, the price of Crypto.com’s cryptocurrency (CRO) is rising and if you want to find out where it is going and how it works you have to stick around and read this.
At the time of this writing, CRO is trading at $ 0.585, which is a gain of 7.75% in the last 24 hours and 57.62% in the last 7 days.
The reason for this increase is pretty peculiar
Crypto.com has just bought the name of one of the most important stadiums in the United States and the world, used for NBA, WNBA, and NHL games.
Los Angeles’ Staples Center Stadium will be renamed Crypto.com thanks to a $ 700 million contract with a term of 20 years.
It becomes the most valuable venue rights deal in the United States. These are just what tech company SoFi did when it bought the name of another Los Angeles stadium for $ 600 million.
The CEO of Crypto.com shared his vision of how this would affect the cryptocurrency space.
In the years to come, people will fixate on this moment and remember it as the event that cryptocurrencies have crossed the abyss of established order.
Kris Marzalek. CEO of Crypto.com.
In the weekly time frame of the CRO vs. USDT chart, we noticed the massive rally this cryptocurrency has been developing lately.
Crypto.com is up more than 200% in less than two months. The most recent rally, while certainly relevant, just followed an already established trend.
We are now seeing very strong medium-term momentum that should give way to a correction, no matter how brief. However, it is not a good idea to sit down and wait for them.
In addition, we can see that a long-term trend momentum is developing, which could be expanded further, but has already been very well received.
It is still feasible to mark new highs in the next few hours / days
On the daily candlestick chart, we can see that Crypto.com price is developing a short-term trending momentum.
Today we see a clear rejection of high prices, so a pullback is likely to begin.
Before that happens, however, we could see new all-time highs. Momentum is bullish and betting against it is almost never a very good idea.
Price may fall for the next few hours, but as long as the support holds at $ 0.4140, the short-term trend will hold and we shouldn’t expect any relevant correction to occur for now, at least.
Crypto.com Daily Technical Analysis of the Price Chart. Source: TradingView.
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