- Crypto.com Coin price is not popping as other majors are doing.
- CRO does not see much inflow on the back of its publicity deal with FIFA during the Qatar World Cup.
- With FTX denting the image of crypto, the turmoil around LGBTQ+ is harming the sponsors and FIFA.
Crypto.com Coin (CRO) should have been popping substantially higher by now as several major peers in cryptocurrencies are starting to stage a Christmas season rally. That does not seem to be the case for Crypto.com Coin price action as it looks to be trading sideways with no breakout signals in favor of the bulls.
Not only does the negative spillover effect of FTX weigh on its price action, but as well the several negative headlines around FIFA forbidding teams to play with an LGBTQ+ supportive band around their arms is turning into a PR frenzy that is negatively reflecting on the sponsors of the Qatar World Cup.
How a world tournament could become bad publicity
Crypto.com Coin price should normally be around $0.0837 instead of $0.0665, where it currently resides. CRO has missed the complete breakout rally that Bitcoin, Ethereum and other cryptocurrencies saw unfolding on the back of the dovish FOMC Fed minutes published last night. The negative drag on CRO comes from the negative spillover in the wake of the ongoing social riot at the World Cup in Qatar around support for LGBTQ+ rights.
CRO does not see much positive inflow with more customers or trading much larger volumes, which should trigger more demand for Crypto.com Coins. Instead, it looks like only a small part is responding to the exposure of all the daily publicity on television. As the Relative Strength Index (RSI) is nudging down again, expect to see a test of $0.0600 if no positive catalyst emerges by Friday.
CRO/USD daily chart
It may be a bit bold, although it might be the best case for Crypto.com Coin as an entity, to simply blow up the PR contract with FIFA and distance itself from the current turn of events hanging around the Qatar World Cup. Markets would applaud it and see cryptocurrencies taking the lead and stepping forward toward equality for all. It would certainly brush up the image of CRO and see it even hitting $0.0984 on the back of this bold, leading example.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.