While most of the crypto market is falling, Crypto.com’s cryptocurrency (CRO) is rising in price, and if you want to find out where it is going and how it is doing it, you have to stay and read this.
At the time of this writing, CRO is trading at $ 0.585, accumulating a gain of 7.75% in the last 24 hours and 57.62% in the last 7 days.
The reason behind this rise is quite peculiar
Crypto.com has just made the purchase of the name of one of the most important stadiums in the United States and the world, used for NBA, WNBA and NHL games.
The Staples Center stadium located in Los Angeles, will be renamed Crypto.com, thanks to a contract for $ 700 million dollars, with a duration of 20 years.
So it becomes the most valuable deal for rights to a venue in the US Underneath is only the one made by the technology company SoFi, when it bought the name of another stadium in Los Angeles for $ 600 million.
The CEO of Crypto.com shared his vision of how this would influence the cryptocurrency space.
On the weekly time frame of the CRO vs USDT chart, we noticed the massive rally that this cryptocurrency has been developing lately.
Crypto.com has risen more than 200% in less than two months. The latest rally, while certainly relevant, did nothing more than follow an already established trend.
Now we see a very developed medium-term momentum, which should be about to give way to a correction, however brief. However, it is not a good idea to sit and wait for her.
In addition, we see that a long-term trend momentum is also developing, which although it could be extended further, has already gone a very good way.
It is still feasible to mark new highs in the next hours / days
On the daily candle chart we see that Crypto.com price is developing short-term trend momentum.
Today we are seeing a significant rejection of high prices, so a pullback is likely to begin.
However, we may well see new all-time highs before this happens. Momentum is bullish, and it’s almost never a very good idea to bet against it.
The price may drop in the next few hours, but as long as the support at $ 0.4140 holds, the short-term trend will hold, and we shouldn’t think that a relevant correction is going to occur, at least for now.
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