- Summary:
- Crypto.com Coin surged after the parent company announced it will buy rights to Staples Center. Here’s why the coin could soon double.
The strong performance of the Crypto.com Coin price sees no end. The CRO token’s price rose to an all-time high of $0.6125. This means that the price has surged by more than 700% from its lowest level in June this year. Subsequently, the total market capitalization of the coin has jumped to more than $14 billion.
Will this marketing pay off?
The CRO price has jumped sharply in the past few months as investors cheer Crypto.com’s marketing plans.
The Singapore-based company has become one of the most aggressive firms in cryptocurrencies. For example, the company has already become one of the biggest advertisers in Formula 1, a sport that has grown in popularity.
It has also become a leading advertiser in UFC, a popular wrestling event. And recently, the company said that it will spend about $100 million in an ad blitz that will include stars like Matt Damon and Ronda Rousey.
The biggest announcement came on Wednesday when the company announced that it will invest almost a billion in Los Angeles. The company will have license for Staples Center. This is a famous stadium that is currently home to the Lakers, a team that has Lebron James as one of its players.
Crypto.com becomes the second-major stadium sponsor in the United States. Recently, FTX bought the rights to the home of Golden Bears.
So, the question is. Will this spending blitz have a major impact on the Crypto.com Coin? While the marketing will bring more users to Crypto.com, it is worth noting that the industry is highly competitive and that many customers have already chosen their preferred platform. Also, the number of developers building using Crypto.org Chain is relatively limited.
Crypto.com Coin price prediction
The daily chart shows that the CRO price has been in a strong bullish trend in the past few weeks. The rally accelerated when the price moved above the key resistance level at $0.2533. This was the previous all-time high. The bullish trend is now being supported by trend indicators like the Bollinger Bands and the Envelopes. The Average Directional Index (ADX) has also surged to the highest level on record.
The Crypto.com Coin price will likely keep rising as bulls target the key resistance at $1. This means that it can double from here. However, in the immediate time, the coin will likely have a pullback as bulls take profit.
