The Crypto.com Coin price has had a remarkable rally in the past few weeks. The CRO token has jumped in the past five straight days as demand for the coin rises. It has even soared to an all-time high and jumped by more than 565% from its lowest level in July. This rally has brought the total market capitalization to more than $11 billion, making it the 21st biggest cryptocurrency in the world.
Why is CRO rising?
Crypto.com Coin is a digital currency that acts as the native token for the Crypto.com Chain. For starters, Crypto.com or Crypto.org chain is a smart contracts platform that enables people to build decentralized applications.
Most notably, it was built to help enable merchants to be able to accept cryptocurrencies as a form of payments. Businesses that use the network receive their payments instantly using CRO or in fiat currencies.
While user adoption of the Crypto.com Coin has been relatively muted, analysts believe that the company’s marketing will help it. For example, it is the leading sponsor of Formula 1, the most prestigious racing sports in the world. It is also a sponsor of UFC, a popular sport in the United States.
Most importantly, the company is expected to soon launch a major advertising campaign that will have some key celebrities. Among them are Matt Damon, who is also an investor in Crypto.com. It will also have Ronda Rousey, a popular wrestler. In total, the company will expend more than $100 million in its campaign.
The daily chart shows that the CRO price has been in a major bullish trend in the past few months. The Crypto.com Coin price rally accelerated after the coin moved above the key resistance level at $0.2533, which was the highest level in April. The coin was also forming what seems like a cup and handle pattern. This pattern is usually a sign of a bullish continuation.
Therefore, the bullish trend will likely continue as long as the coin is above the 25-day moving average. The next key level to watch will be the resistance at $0.5850, which is about 20% above the current level. Still, for this week, a pullback cannot be ruled out.