CRO price skyrockets after Staple Center is renamed Crypto.com Arena

Crypto.com (CRO) is gaining traction as it unveils new features and grows its worldwide marketing campaigns and collaborations. CRO soared more than 50% after winning the naming rights to Staples Center in a $700 million contract, reaching a new all-time high of $0.85. Still, bulls have started to take profits as the coin entered the overbought zone. 

CRO price prediction - 50% Fibonacci set to trigger a bounce-off

Crypto.com (CRO) plunged dramatically after setting an all-time high of $0.85. In the 4 hour timeframe, CRO price has completed a 50% Fibonacci retracement at the $0.66 level. The closing of a Doji candle above the $0.66 level is a supporting weakness in the selling bias. 

The recent 4-hour candle seems to close as a bullish engulfing, which is indicative of a bullish reversal. With that being said, the odds of an uptrend continuation remain pretty solid, especially above $0.66 (50% Fibo level). 

CRO price immediate resistance stays at the $0.76 level (23.6% Fibo level). A break above this hurdle could trigger an additional round of buying until the $0.85 level. 

Crypto.com (CRO) 4-hour timeframe - 50% Fibonacci Retracement

Moreover, CRO price has formed an upward channel that’s extending strong support at the $0.62 level. Taking a look at the leading technical indicators such as Stochastic RSI and RSI are holding at 44.52 and 69.53, respectively. One is signaling a bearish trend, while the RSI is demonstrating a bullish bias.

The 50-day EMA is currently near the $0.55 level. Since the current market price of CRO is above EMA, the bullish bias dominates the market. Thus, the bullish breakout of a previously placed all-time high of $0.085 can open a further upward trend until 100% and 127.20% Fibonacci extension levels at $0.91 and $1.06, respectively. 

Crypto.com (CRO) 4-hour timeframe - 127.20% Fibonacci Extension Pattern

It is worth noting that a rejection from the $0.66 level could open further room for selling until the 61.8% Fibonacci retracement level at $0.62. Breaching this support level might extend the correction towards $0.52.