Sarah Tran
Independent Analyst
- Crypto.com price could get a significant boost after getting naming rights to Formula 1 Miami Grand Prix.
- The exchange token has painted a bullish outlook, suggesting that CRO could put a 26% climb on the radar toward $0.73.
- However, CRO may retrace to discover critical levels of support before its next leg up.
Major cryptocurrency exchange Crypto.com has recently signed a nine-year deal with Formula, becoming the official title partner of the Miami Grand Prix. If the exchange's native token, CRO manages to slice above the upper boundary of the governing technical pattern, it could target $0.73 next.
Crypto.com deepens global partnership with Formula 1
Crypto.com has been one of the fastest-growing exchanges in the digital asset industry, having recently secured an advertising space in Super Bowl LVI, with over 100 million viewers expected to tune in.
In June 2021, Crypto.com became a global and inaugural partner of the Formula 1 “Sprint” series. The partnership will include the development of various exclusive non-fungible tokens (NFTs).
Crypto.com recently signed a nine-year deal with Formula 1, for naming rights to the newest race, Miami Grand Prix. Crypto.com’s logo will be featured on the podium and winner’s trophies.
Crypto.com price to retrace before aiming higher
Crypto.com price could retrace and discover critical levels of support before targeting higher levels. The exchange token has formed an ascending parallel channel on the 4-hour chart, suggesting a bullish outlook of a 26% ascent from the topside trend line toward $0.73.
However, CRO may look to explore crucial lines of defense before the bullish momentum continues. The first line of defense for Crypto.com price is at the 21 four-hour Simple Moving Average (SMA) at $0.50. An additional foothold may emerge at the 50 four-hour SMA at $0.46.
CRO/USDT 4-hour chart
If buying pressure increases, Crypto.com price may aim to target the 78.6% Fibonacci retracement level at $0.52 next, before aiming for the upper boundary of the governing technical pattern at $0.56.
A decisive break above the topside trend line of the prevailing chart pattern will put the 26% climb on the radar, targeting $0.73 next.
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