- Crypto.com's partnership with Aston Martin at the 2022 Monaco Grand Prix failed to trigger a bullish sentiment among investors.
- Analysts identify bullish divergence in the CRO price chart, and set a target of $0.20.
- The 2022 Monaco Grand Prix was kicked off on May 27 and ends on May 29, 2022.
The 2022 Monaco Grand Prix, where Crypto.com partnered with Aston Martin, started on May 27 and ends this weekend. Crypto.com's CRO price is struggling to recover from the recent slump in price.
Crypto.com price fails to rally despite kickoff of 2022 Monaco Grand Prix
Earlier this year, Crypto.com signed a multi-year partnership deal with Aston Martin. The 2022 Monaco Grand Prix was kicked off on May 27, 2022. Events were lined up over the weekend, and the prominent automobile race ends on May 29, 2022.
On-track action is about to kick off in Monaco.
— Aston Martin Aramco Cognizant F1 Team (@AstonMartinF1) May 27, 2022
Don’t miss a moment of the #MonacoGP weekend.#F1 | @cryptocom
Through the course of the two days, Crypto.com's Cronos token, CRO, has failed to recover from its slump. The colossal crash of Terraform Lab's UST and LUNA, the sister tokens, led to massive volatility in the crypto ecosystem. Investors pulled capital out of the crypto market, and capital rotation led to a slump in several altcoin and token prices.
Cronos price is 81.9% away from its all-time high of $0.965. Despite recent partnerships and the rising adoption of CRO, the token has struggled to recover from the bloodbath.
On the closing day of the 2022 Monaco Grand Prix, CRO price posted 2.3% gains overnight.
Analysts spot bullish divergence in Cronos
Analysts at FXStreet recently evaluated the Cronos price chart and predicted a recovery in CRO. After spotting a bullish divergence in Crypto.com, analysts noted that CRO had set lower lows. Despite the price trend, RSI has made higher lows, and the token could target a breakout to the immediate barrier at $0.20. Analysts believe Crypto.com is on track to make a u-turn.
CRO-USDT chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?