The Crypto.com Coin price has struggled lately even after the company behind it announced a major Formula 1 deal. CRO is trading at $0.1090, which is about 8% below the highest point this week. It has a market capitalization of more than $2.7 billion making it the 30th biggest crypto coin in the world.
Crypto.com news. Crypto.com is one of the biggest player in the crypto industry. The company runs a suite that includes most products in the industry. It has a crypto wallet, NFT marketplace, Visa cards, and DeFi among others. It has more than 10 million customers from around the world.
The company is also behind Crypto.org Chain, a public blockchain that helps developers build decentralized applications. The product is similar to Binance Chain and Huobi. However, since its launch, the platform has struggled to find a critical mass of developers. They have instead remained loyal to platforms like Ethereum, Polkadot, and Solana. This is one of the reasons why the CRO price has struggled lately.
Meanwhile, the Crypto.com coin price reacted mildly to news that the company will provide $100 million to Formula 1. It becomes the biggest crypto sponsor in the highest-profile racing event. The company will sponsor the 100km sprint that will help to determine the starting grid. In a note, F1 said:
“Partnering with Formula 1 will ensure Crypto.com continue to grow their brand awareness on an international stage.”
The CRO price is trading at $0.1090, which is about 35% above the lowest level in June. The price is slightly below the descending trendline that is shown in blue. It is also along the 25-day and 15-day exponential moving averages (EMA). It also seems to be forming an inverse head and shoulders pattern, which is usually a bullish signal.
Therefore, there is a possibility that the coin will bounce back this month. If this happens, the next key resistance level to watch is $0.1377. On the flip side, a move below $0.1032 will invalidate the bullish view.
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