Should you buy Crypto.com Coin after the 45% drop?

Should you buy Crypto.com Coin after the 45% drop?
фото показано с : invezz.com

2021-12-14 06:32

The Crypto.com Coin (CRO/USD) price has lost steam after it had a spectacular comeback in November. The coin is trading at $0.54, which is about 45% below the all-time high. Its total market capitalisation has declined to about $13.58 billion.

CRO sell-off

Crypto.com is one of the biggest blockchain companies in the world. It offers a number of services that help to capture customers within its ecosystem. For example, it has an exchange that transacts more than $2 billion worth of cryptocurrencies in a day. It also has a Visa card that enables customers to pay using cryptocurrencies.

Crypto.com also has additional services like a non-fungible token (NFT) marketplace where people can create and trade these products. It also owns Crypto.org chain, with is a decentralized proof-of-stake platform where CRO is the native token.

The Crypto.com Coin price rallied sharply in November as investors cheered several news from the company. For example, during the month, the developers unveiled a major advertising campaign that will cost more than $100 million. This is in addition to the existing marketing plan that involves social media and search engine ads.

The developers also announced a $700 million to brand a popular stadium in Los Angeles. The former Staples Centre is now known as Crypto.com Centre. A few months before that, FTX also decided to acquire rights to the Miami Dolphins stadium.

Crypto.com is also a leading sponsor in other sports. For example, it is one of the biggest sponsors in Formula 1, one of the leading sports. This is notable since Formula 1 has millions of viewers globally. At the same time, Drive to Survive, a Netflix documentary, is also popular. 

Crypto.com also announced the acquisition of two exchanges from IG Group in a deal valued at more than $200 million. Therefore, the current sell-off of the CRO price is mostly because of the ongoing sell-off of other coins and profit-taking.

Crypto.com Coin price analysis

The daily chart shows that the CRO price has been in a strong sell-off in the past few weeks. It has managed to move slightly below the 25-day moving average while the MACD has moved below the neutral line.

A closer look shows that the coin’s decline resembles a falling wedge pattern. This means that the price will likely rebound in the coming weeks as bulls target the all-time high.

The post Should you buy Crypto.com Coin after the 45% drop? appeared first on Invezz.

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Coin(O) (CNO) на Currencies.ru

$ 0.0003323 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0.0003323 - H: $0.0003323
Капитализация $35.041k Rank 99999
Доступно / Всего 105.462m CNO

coin crypto below all-time high market declined

Источник: invezz.com

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