- Crypto.com token set a stable base and rallied 12% to clear a crucial hurdle at $0.41.
- If CRO manages to stay above this barrier, a retest of $0.45 seems likely.
- A breakdown of $0.41 could trigger a correction to $0.37 or lower.
Crypto.com token has set up pools of liquidity at the range low and high of recent run-up. This technical outlook creates ambiguity with directional bias, but the recent announcement indicates a bullish move is likely.
The company’s Twitter account posted that it will be a sponsor of the FIFA World Cup Qatar 2022. A blog post further elaborated that Crypto.com will be the “exclusive cryptocurrency trading company” sponsoring the Qatar 2022 FIFA World Cup.
https://t.co/vCNztATSCO is proud to be the first crypto trading platform sponsor of the FIFA World Cup Qatar 2022
— Crypto.com (@cryptocom) March 23, 2022
See you in Qatar! @fifaworldcup #worldcuphttps://t.co/vYZjDA1BMZ pic.twitter.com/ppFfkEG6q2
This move from the establishment is not unseen in the crypto industry with FTX partnering with major Major Baseball League, Mercedes, eSports teams and so on. The sponsorship will allow Crypto.com to garner branding exposure from within and outside the tournament’s stadiums.
Crypto.com token at make-or-break point
Crypto.com token fell nearly 20% between March 2 and 7, setting up a range that extends from $0.45 to $0.37. This downswing set a boundary and CRO bulls respected it and created a double bottom at $0.37, triggering then a recovery rally.
So far, the Crypto.com token has managed to flip the 50% retracement level at $0.41 and is at the time of writing hovering above it. A continuation of this bullish momentum could see CRO heading back to the range high and perhaps higher.
Interested investors can wait for a retest of the $0.41 barrier to enter a long position and book profits at $0.45. In some cases, the run-up could push the Crypto.com token to $0.47 especially if the buying pressure increases.
CRO/USDT 4-hour chart
Although things are looking favorable to bulls, a breakdown of the $0.41 support level will trigger a move in the opposite direction. If Crypto.com token produces a four-hour candlestick close below $0.37, it will invalidate the bullish thesis.
This development could see Crypto.com token slide lower to retest the stable support level at $0.36
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