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CRO price analysis: $700M Staples Center deal with AEG turns Crypto.com Coin bullish

CRO price analysis

TL;DR Breakdown

  • CRO price analysis turns bullish for a second consecutive day.
  • The price action was unable to break through the nearest resistance at $0.57.
  • Minor support is present at $0.471, followed by a major one at $0.34.

Crypto.com Coin has broken its previous record and made a new all-time high today at $0.5938. As per CoinMarketCap, the trading volume for the token rose by a tremendous amount ($2.2 billion) as the token currently rests at a price of $0.573, as of 9:50 AM GMT.

Since July, the token has followed a bullish trajectory, with November being its 5th consecutive bullish monthly candle. The November candle opened at $0.2 and is already up by over 174%. The CRO token’s market capitalization also shot up to $14.4 billion as the token occupied the 15th position in the market.

In the past 24 hours, the lowest price was $0.4405, while in the last 7 days, the price rose from a low of $0.3368 to its new all-time high. The bullish CRO price analysis is the result of the deal struck between Crypto.com and AEG, the owner of Staples Center. According to the deal, for a period of 20 years, Staples Center will be named Crypto.com Arena, which cost Crypto.com $700 million.

CRO price analysis on the daily chart using indicators

CRO price analysis continues with a bullish outlook as the 50-day, and 100-day Moving Averages are progressing below the price action. On the other hand, the price action also broke out from the upper end of the Bollinger Bands as volatility increased, and now could be the best time to short with great profits.

CRO price analysis: $700M Staples Center deal with AEG turns Crypto.com Coin bullish 1
CRO Price analysis on the daily chart by TradingView

The RSI levels are also bullish, with bulls taking the prices into the overbought region. The gradient is positive and represents the fact that buying pressure is subduing the selling pressure.

The MACD indicator underwent a bullish divergence on the daily charge a few days ago, and this turned the CRO price analysis bullish. Following this bullish trajectory, the histogram also turned bullish. The MACD (blue) line continues above the orange (signal) line.

CRO price analysis
CRO Price analysis on the daily chart by TradingView

Conclusion

The CRO price analysis can be concluded on a bullish note as Crypto.com revealed its deal with AEG. The deal also involved Crypto.com becoming “an official cryptocurrency platform partner of the Los Angeles Lakers and the L.A. Kings.” Recently, the application became the most downloaded on the Google Play Store.

“This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come.”

said Todd Goldstein, Chief Revenue Officer of AEG
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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