The Crypto.com coin price will be in focus following yesterday’s UFC 264, marking the start of a partnership with the MMA promotion. A shrewd move for CRO?
CRO is trading at $0.1290, down 0.0015 (-1.21%) this morning. However, the Crypto.com coin has improved by 8.33% over the last seven days.
UFC weekend is always a big deal in my house. And although my association with the sport goes back more than 20 years, many spectators are recent additions. Furthermore, the fastest-growing sport in the world is increasingly in popularity.
It’s this expanding fan base that attracted Crypto.com to the world of no-holds-barred fighting.
Last week, my colleague detailed the blockchain company’s aggressive marketing push, which includes a $100m deal with Formula 1 and a $175 tie-up with the UFC.
But it wasn’t until I switched on for the final preliminary bout between Carlos Condit and max Griffin that I realised just how big a deal this could be for CRO.
Crypto.com was everywhere. The fight wear, the octagon posts, and even Bruce Buffer’s pre-fight “Iiiiiiiiiiiiiiiiit’s time” gave the nod to the crypto firm.
In the future, this may prove to be a savvy move. One that could have positive implications for the Crypto.com coin price.
The recent CRO price rise has resulted in several positive developments. The daily chart shows CRO has broken (sorry, Conor Mcgregor fans) above a descending trend line from the 21st of May high. Furthermore, the Crypto.com price retested this breakout last week and held the line.
Additionally, the leg-higher (oops, sorry again) has lifted the price above the 50-day moving average (DMA) at $0.1139.
However, CRO is running into a significant area of resistance. The 200 DMA is visible at $0.1347. And just above that, a robust horizontal resistance line from the 23rd of April low is seen at $0.1385.
Lastly, the 100 DMA at $0.1485 rounds off the trio of important resistance ahead of $0.1500. Therefore a successful clearance of $0.1500 should be viewed as a win for the bulls and put CRO in contention to move towards $0.20000.
The bullish outlook is valid as long as the Crypto.com coin price stays above the 50 DMA and the trend breakout level at $0.1135. However, should CRO lose this support, it will cancel the positive view.
Follow Elliott on Twitter.
