The Crypto.com Coin price has struggled this month after the spectacular rally it experienced in November. CRO, the native token for the ecosystem, is trading at $0.6093, which is about 40% below the highest level in November. Its ranking has also dropped from position 11 to 15.
The CRO price has retreated this month as the momentum surrounding Crypto.com has waned. As you recall, Crypto.com made some important announcements last month that drew more users to its network.
It first announced a $100 million global ad campaign in a bid to boost its brand awareness. Shortly afterwards, it announced that it will become the official sponsor of Staples Center. It is now known as Crypto.com Center. And finally, it announced that it will spend more than $200 million to acquire two companies from IG Group.
These announcements pushed the Crypto.com Coin price to a record high. Therefore, the CRO price has retreated this month simply because the momentum that existed last month has started to fade.
The daily chart shows that the CRO price has struggled this month as it has dropped by about 40%. The coin is trading at the same point as the 25-day moving average. It is also slightly above the 50-day EMA. Also, it has attempted to bounce back in the past four days. The price is also above the ascending trendline that is shown in black.
Therefore, I suspect that the coin will attempt to bounce back in the coming days. If this happens, we can’t rule out a situation where it retests the all-time high by the end of the month. This view will be invalidated if the price moves below $0.5.
This post was last modified on %s = human-readable time difference 05:23