The remarkable Crypto.com Coin price comeback has taken a breather. CRO is trading at $0.8600, which is a few points below its all-time high of $0.9755. Still, this price is about 330% above its lowest point this month. It has risen by more than 4,000% since it was founded.
There is one main reason why the CRO price has been in a remarkable rally. Investors have basically cheered the ongoing marketing blitz by the company. The firm is spending about $100 million in an ad blitz that features prominent people like Matt Damon and Ronda Rousey.
It will also spend about $700 million for the rights to the Staples Center. Therefore, investors believe that these actions will make Crypto.com and Crypto.org household names. This, in turn, will lead to more demand for the token.
Investors are possibly right and there is a possibility that the company will collect more customers. However, fundamentally, I believe that the Crypto.com Coin price rally has been overstretched and that it could have a pullback in the coming days as investors take profit.
In my last Crypto.com price forecast, I noted that it could double to $1. This view was accurate since the price rose to $1 this week.
The daily chart shows that the CRO price managed to move above $0.2748 a few weeks ago. This was an important level since it was along the upper side of the cup and handle pattern. Since then, it has risen by more than 200% to the current level of $0.8665. At the same time, the coin has managed to move significantly above all moving averages.
Therefore, there is a likelihood that the coin will have a major drop in the coming days as the marketing enthusiasm wanes. If this happens, the next key support to watch will be at $0.2750.
This post was last modified on %s = human-readable time difference 08:02