Crypt.com has shown signs of recovery in the last two days after the weekend selloff in the crypto market. The selloff came just as the US crypto exchange announced its acquisition of the digital options exchange Nadex and the 20-year agreement with the management of the Staples Centre in Los Angeles, which will see the arena home of the LA Lakers and LA Clippers renamed to the Crypto.com Arena.
The purchase of Nadex by Crypto.com is viewed as a game-changer by market analysts as it further deepens customer relationships and will allow Crypto.com to offer non-crypto derivatives and contracts to the wider market.
The perception that the exchange has value to offer the market from these new relationships is driving the current demand. The CRO/USDT pair is up 6.51% as of writing.
With price action now facing resistance at the zone formed by the 0.6419/0.6793 price level, the 0.7616 price resistance appears a bit distant now. If the bulls clear that zone, then this resistance and the 0.8212 barrier come into the picture. 0.9036 and 0.9750 (4 November high) are additional targets to the north.
On the flip side, rejection and a pullback from the resistance zone bring 0.5806 into the mix. The 0.5200 support (6 December low) and the 0.4224 support mark (14/16 November highs) will become more visible on additional price deterioration.
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This post was last modified on Dec 07, 2021, 12:18 GMT 12:18