Crypto.com Coin (CRO) Sees Pullback After Rallying Through The Week
Aiswarya Gopan • 2 min read
Crypto.com Coin (CRO) is experiencing a slight dip after being unseated from the 12th ranking in terms of crypto market cap by the second most popular memecoin Shiba Inu (SHIB), which posted a bit of a rally during the previous session. At the time of writing, CRO/USD is trading at around $0.689.
Despite this dip, it still remains one of the biggest weekly gainers among leading crypto coins in the market so far this week, continuing to rise even as most of the digital currencies traded in the red owing to increasing regulatory concerns around the world. One of the biggest drivers of the latest bullish price action in the CRO token is Crypto.com securing a $700 million deal to rename the Staples Center, home to NBA team LA Lakers, to the Crypto.com Arena for 20 years.
The popular cryptocurrency platform is making quite the push in promotional campaigns, helping the Crypto.com Coin rally through most of this month and increase in value by nearly four times. The Staples Center renaming rights comes a few weeks after the company signed on leading Hollywood actor Matt Damon as its brand ambassador, a $100 million deal which will promote its services via billboard and TV marketing across over 20 countries worldwide.
Another feather in the cap for the exchange which could further support the bullish mood towards the CRO coin is news of Crypto.com becoming the first trading platform to meet the SOC (Service Organization Control) 2 criteria after being audited by Big 4 firm Deloitte. The Singapore-based crypto exchange and platform received the SOC 2 certification, which is a recognized norm in traditional banking rating a business’s security based on its information practices, policies and operations. With this, the Crypto.com platform gets an additional reason for calling itself the “world’s most secure crypto platform”.
However, the Crypto.com Coin could be gearing up for somewhat of a pullback even though its fundamentals look solid in the long term as cryptocurrency adoption among the mainstream community rises. According to analysis by Santiment, the CRO coin has seen its social volumes spiking in recent weeks, a key indicator that signals the price has reached a local top and could see price action cool off momentarily before buyers get ready for the next bull run in it.
CRO/USD Technical Analysis
Taking a look at the H4 price chart of CRO/USD, most of the moving averages along with leading technical indicators MACD and Average Directional Index are suggesting a bearish bias in the market. However, the 100 EMA and the momentum indicator reveal some interest among buyers as well.
Crypto.com Coin’s price holds above the pivot point at $0.646 but well below the immediate resistance at $0.927. An uptick in buying interest can see CRO rise towards this level, although increased selling pressure could see the pivot point being tested in the near term.