The broader cryptocurrency market continues to be affected by the bearish sentiment, but the CRO coin is recovering.
The cryptocurrency market has underperformed since last week. Bitcoin and other leading cryptocurrencies have lost more than 10% of their value in the past week. At the time of writing, Bitcoin is trading below the $58,000 level, while Ether continues to struggle to stay above the $4,000 level.
However, CRO, the native coin of the
The recent rally led to CRO becoming the 17th largest cryptocurrency in terms of market capitalization, and it may rise even further in the coming weeks and months. The trigger of the rally was that Crypto.com a $700 million deal was agreed with Anschutz Entertainment Group (AEG), the owner of the Staples Center in Los Angeles.
Crypto.com now has the naming rights for the arena, which is home to the Los Angeles Lakers, the Sparks of the WNBA, the Clippers of the NBA and the Kings of the NHL. The deal provides that Crypto.com holds the naming rights to the arena for the next 20 years.
Important levels at a glance
The CRO/USD 4-hour chart is currently one of the most bullish in the cryptocurrency space. CRO’s MACD line is above the neutral zone, which indicates that the cryptocurrency is currently very bullish. In addition, the RSI of 62 shows that it is close to the oversold area.
If CRO continues its recent trend, it could rise above the first resistance mark at $0.75 in the next few hours. An extended rally of the
However, should the bears take control, CRO may be forced to defend the $0.655 support level. Unless there is a massive sell-off, CRO should stay above the $0.60 level in the coming hours.