Crypto.com Coin (CRO/USD) remained in a tight range in the overnight session as investors reflected on the moves by its parent company. The coin is trading at $0.7078, which is about 27% below its highest point in November.
Crypto.com is a mid-size cryptocurrency with big ambitions. The Singapore-headquartered company was started a few years ago and it counts Matt Damon as one of its investors. Its domain name was previously a blog whose owner sold it for about $25 million.
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In the past few months, Crypto.com has made several major announcements. First, it announced a major deal to become a leading sponsor of Formula 1. Its logo is now one of the most prominent brands in the races. This was an important move because of the rising popularity of the sport.
Second, the company also announced a deal to become a sponsor of UFC. Again, this is a popular fighting sports in the US.
In November, the company made two major announcements. First, it decided to launch a major marketing blitz worth more than $100 million. This campaign is now featuring some of the best-known celebrities. At the same time, the firm announced a $700 million deal to get the license for Staples Center, home to the Los Angeles Lakers.
These investments in sports are important for the company. For one, they will make it more popular among young people. And most importantly, it will help it become a major brand in non-fungible tokens (NFTs).
Crypto.com also made headlines on Wednesday this week when it announced that it would acquire two exchanges from IG Group. It will spend more than $200 million to acquire Nadex and Small Exchange. So, what next for the CRO price?
Crypto.com Coin price
The Crypto.com Coin price had an excellent month in November. This performance pushed its market cap to more than $16 billion and its ranking to about 14.
Recently, however, this momentum has faded and the coin has fallen by double-digits. Indeed, it reacted mildly to the acquisitions made on Wednesday. The coin is hovering at the same level as the 25-day and 50-day moving averages.
It has also formed a small triangle pattern that is shown in blue. This triangle is now reaching its confluence zone, meaning that a bullish breakout will likely happen. If this happens, the coin could retest its all-time high in December.
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