Aaryamann Shrivastava
FXStreet
- Crypto.com price has not reacted the same way as other cryptocurrencies have in the last few days.
- Stuck in consolidation, CRO is nowhere close to breaking through the almost three-month-long resistance.
- Crypto.com unveiled the first-of-its-kind hybrid NFT experience with Visa, featuring a pre-event auction and immersive activation.
Crypto.com price, unlike Ethereum, MATIC and other cryptocurrencies, did not note any significant price increase. However, Crypto.com’s partnership with FIFA could turn things around for its native token, provided its ongoing efforts pay off when the FIFA World Cup begins in two weeks.
Crypto.com price might go sideways
Crypto.com price, hovering at $0.112, rose by 12.71% over the last 11 days after bouncing off the critical support of $0.101. For the previous five months, CRO has managed to maintain the support. The recent increase in price also enabled the altcoin to breach the six-months long downtrend, sustaining CRO price above it.
CRO/USD 1-day chart
Regardless, from here on, the Crypto.com price is set to stick to a sideways movement since it is far away from testing the resistance of $0.132. The altcoin does have the support of the 50-day (red) Simple Moving Average (SMA), but the 100-day (blue) SMA continues to act as resistance.
CRO/USD 1-day chart
Thus, not much activity is expected from investors or traders until the price swings in either direction since volatility seems to be low at the moment.
However, despite a red candle on Tuesday, an uptrend is possible thanks to the upcoming FIFA World Cup, where Crypto.com could gain a lot of attention. If that happens, the 100-day SMA, coinciding at $0.120, would be the next critical resistance for CRO.
Crypto.com X Visa
In an announcement on Tuesday, the cryptocurrency exchange unveiled the first-of-its-kind NFT event in partnership with Visa. Titled Visa Masters of Movement, the experience will feature a pre-event NFT auction and immersive activation at the FIFA World Cup in Qatar.
NFTs available on Crypto.com can be bought and traded currently, and fans can also later create digital art, which eligible individuals can mint into their own NFT. Crypto.com’s partnership as the official cryptocurrency trading platform sponsor of FIFA World Cup Qatar 2022 could act as a huge bullish signal for CRO price.
Although at the moment, no such interest is being observed at the hands of the investors. The rate at which new addresses are joining the network continues to note no incline despite the 12.71% price rise and the announcement of the new NFT experience.
Crypto.com new addresses
Whether this changes by the beginning of the World Cup by the end of this month is yet to be seen.
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