Crypto.com (CRO/USD) Remains Bullish Amid Crypto Rout. Should you Buy?
Crypto.com (CRO/USD) has been one of the best performing crypto tokens in November. CRO/USD rose from a low of just 0.25 on November 3 to an all-time high above 0.53. That’s more than a double in only two weeks, with the rise defying the broader bearish sentiment that has engulfed the cryptocurrency industry.
At the time of writing, CRO/USD was trading at 0.45, but with a gain of 2.93% in the past 24 hours, taking total gains in the week to 24.27%. Leading cryptocurrencies Bitcoin, Ethereum and Binance Coin shed 2.03%, 3.04% and 7.50% respectively, in the last 24 hours. In the past week, they also fell by 10.74%, 11.72% and 11.68% respectively.
With major cryptocurrencies and the broader crypto industry in the red, CRO/USD looks like one of the few coins that present a buying opportunity. Much of the bullish sentiment around CRO/USD is connected to the news that the Staples Center in Los Angeles will be now called the Crypto.com Arena. According to the Financial Times, a deal of about $700 million has been agreed with Crypto.com. Once renamed, the sports complex will market Crypto.com as a reputable cryptocurrency and boost its future adoption.
– A 4-Hour Technical Outlook
A 4-hour chart outlook for CRO/USD shows that the crypto token is trading above the crucial support of around 0.40. The token tested the support in a bearish move that started on November 15 and breached it lower. It is now seen rebounding on the latest rebranding news, which could boost sentiment in the next few days. Both the 50-moving average (blue) and the 20 moving average (red) are below the current price, which means additional support to the bullish momentum.
CRO/USD Trade Idea
Although the overall crypto industry remains in negative territory this week, CRO/USD could be one of the few bull-picks in the medium and long term. CRO/USD has yet to make a significant drop, and with the fresh news of rebranding of the Staples Center, we could see a further surge, with the all-time high of around 0.54 being the most realistic target.
Currently, CRO/USD can be seen forming tailed bars after a price jump from the 0.40 support on the four-hour chart. I recommend we watch price behavior at the current level for a potential retrace towards the support before buying CRO/USD. Prices could also retreat to the minor support around 0.42, which could see the token fall below the 20 MA but remain supported by the 50 MA. Nonetheless, I consider CRO/USD a buy as long as the 0.40 support continues to hold. Good luck!
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