• Crypto.com price could get a significant boost after getting naming rights to Formula 1 Miami Grand Prix.
  • The exchange token has painted a bullish outlook, suggesting that CRO could put a 26% climb on the radar toward $0.73.
  • However, CRO may retrace to discover critical levels of support before its next leg up.

Major cryptocurrency exchange Crypto.com has recently signed a nine-year deal with Formula, becoming the official title partner of the Miami Grand Prix. If the exchange's native token, CRO manages to slice above the upper boundary of the governing technical pattern, it could target $0.73 next.

Crypto.com deepens global partnership with Formula 1

Crypto.com has been one of the fastest-growing exchanges in the digital asset industry, having recently secured an advertising space in Super Bowl LVI, with over 100 million viewers expected to tune in. 

In June 2021, Crypto.com became a global and inaugural partner of the Formula 1 “Sprint” series. The partnership will include the development of various exclusive non-fungible tokens (NFTs).

Crypto.com recently signed a nine-year deal with Formula 1, for naming rights to the newest race, Miami Grand Prix. Crypto.com’s logo will be featured on the podium and winner’s trophies. 

Crypto.com price to retrace before aiming higher

Crypto.com price could retrace and discover critical levels of support before targeting higher levels. The exchange token has formed an ascending parallel channel on the 4-hour chart, suggesting a bullish outlook of a 26% ascent from the topside trend line toward $0.73.

However, CRO may look to explore crucial lines of defense before the bullish momentum continues. The first line of defense for Crypto.com price is at the 21 four-hour Simple Moving Average (SMA) at $0.50. An additional foothold may emerge at the 50 four-hour SMA at $0.46.

CRO

CRO/USDT 4-hour chart

If buying pressure increases, Crypto.com price may aim to target the 78.6% Fibonacci retracement level at $0.52 next, before aiming for the upper boundary of the governing technical pattern at $0.56.

A decisive break above the topside trend line of the prevailing chart pattern will put the 26% climb on the radar, targeting $0.73 next.

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP