fxs_header_sponsor_anchor

Crypto.com price struggles to break out, despite kickstarting 2022 Monaco Grand Prix

  • Crypto.com's partnership with Aston Martin at the 2022 Monaco Grand Prix failed to trigger a bullish sentiment among investors.
  • Analysts identify bullish divergence in the CRO price chart, and set a target of $0.20. 
  • The 2022 Monaco Grand Prix was kicked off on May 27 and ends on May 29, 2022. 

The 2022 Monaco Grand Prix, where Crypto.com partnered with Aston Martin, started on May 27 and ends this weekend. Crypto.com's CRO price is struggling to recover from the recent slump in price. 

Crypto.com price fails to rally despite kickoff of 2022 Monaco Grand Prix

Earlier this year, Crypto.com signed a multi-year partnership deal with Aston Martin. The 2022 Monaco Grand Prix was kicked off on May 27, 2022. Events were lined up over the weekend, and the prominent automobile race ends on May 29, 2022. 

Through the course of the two days, Crypto.com's Cronos token, CRO, has failed to recover from its slump. The colossal crash of Terraform Lab's UST and LUNA, the sister tokens, led to massive volatility in the crypto ecosystem. Investors pulled capital out of the crypto market, and capital rotation led to a slump in several altcoin and token prices. 

Cronos price is 81.9% away from its all-time high of $0.965. Despite recent partnerships and the rising adoption of CRO, the token has struggled to recover from the bloodbath. 

On the closing day of the 2022 Monaco Grand Prix, CRO price posted 2.3% gains overnight.

Analysts spot bullish divergence in Cronos 

Analysts at FXStreet recently evaluated the Cronos price chart and predicted a recovery in CRO. After spotting a bullish divergence in Crypto.com, analysts noted that CRO had set lower lows. Despite the price trend, RSI has made higher lows, and the token could target a breakout to the immediate barrier at $0.20. Analysts believe Crypto.com is on track to make a u-turn. 

CRO-USDT chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.