Summary:

  • Crypto.com Coin (CRO/USDT) on Tuesday spiked more than 14%.

  • The blockchain platform’s native coin is now up more than 90% over the last seven days.

  • The platform offers multiple services including payments, exchange and a trading app.

Crypto.com Coin (CRO/USDT) is the native coin of Crypto.com Chain, a financial services company offering a cryptocurrency app, payments, crypto exchange platform, NFTs, and DeFi among other products in the blockchain space.

The company was founded in 2016 as Monaco Technologies GmbH with a vision of “putting cryptocurrency in every wallet”. It has since grown to become one of the biggest entities in the crypto market. 

The CRO/USDT now has a fully-diluted market cap of more than $24 billion, following the recent spike. 

Why did CRO spike over 90%?

The latest spike in the Crypto.com Coin came after the home of the LA Lakers was renamed to Crypto.com Arena following a $700 million sponsorship deal. As a result, CRO is now the thirteenth largest cryptocurrency according to CoinMarketCap.

Tailwinds from the deal look strong enough to continue driving the CRO price higher considering the news dropped a few days ago. 

Source – TradingView

 Technically, CRO/USDR seems to have spiked to complete an upward breakout from a sharply ascending channel formation in the intraday chart. As a result, the Crypto.com Coin token price has surged into overbought conditions.

Therefore, investors could target short-term technical pullbacks at about $0.6595, or lower at $0.5408, while $0.9000 and $1.000 are crucial resistance levels.

In summary, although the CRO/USDT price seems to be trading deep into overbought conditions, any pullback is likely to be temporary.



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