Crypto.com [CRO] has been skyrocketing amidst a sharp correction in the broader market. The native token set a new all-time high at $0.79 on the 22nd of November, surging by 11% in a span of 24 hours. For the uninitiated, Crypto.com is essentially a Singapore-based firm that runs a cryptocurrency exchange application. It was initially named ‘Monaco Technologies GmbH’ in 2016 by prominent engineers, Bobby Bao and Kris Marszalek who is now the Chief Executive Officer. The CRO blockchain acts as a vehicle that powers the firm’s mobile payments app. The native token went live in November-December 2018.
Amidst a slew of corrections in the market, the CRO token has managed to swoop in gains after the crypto exchange purchased the naming rights from the leading sports and live entertainment company, AEG for 20 years for a whopping $700 million.
Earlier in March this year, the project raised a massive $200 million in a venture capital funding round. The fund raised was largely deployed in marketing campaigns and helped increase the number of users on the platform. Crypto.com’s recent developments have catapulted CRO’s price to amass over a 41% surge in just a week. To top that, Coinbase listing also aided in the token’s initial growth.
How do Crypto.com’s [CRO] technicals look like?
At the time of writing, CRO was trading near its peak price. The asset’s market cap was found to be at $17.69 billion while its 24-hour trading volume stood at $2.38 billion.
As indicated from the above 4-hour chart, the Relative Strength Index [RSI] has managed to hold above the 50-median line, signaling buyers are in control. The Chaikin Money Flow [CMF] rising above the zero line is projecting capital inflows in the coin market, hence a bullish phase. On the other hand, the Awesome Oscillator’s [AO] closing bar switched to red, depicting a probability of a mild pullback in the short term.