The Crypto.com Coin price has been in a strong bullish trend in the past few days. It has risen in the past five straight days and soared to its all-time high. It is trading at $0.3200, which is about 340% above the lowest level in June this year.
Why is CRO soaring?
Crypto.com Coin is the native token for the Crypto.org chain, which is a platform that enables developers to build quality decentralized applications (dApps).
The platform was built by Crypto.com, which is a Singapore-based company that provides multiple cryptocurrency products. In its platform, the company provides solutions like a Visa card, an online crypto wallet, a non-fungible token (NFT) marketplace, and a trading platform. CRO is the native token for this ecosystem.
Crypto.com is one of the leading crypto exchanges in the world. According to CoinMarketCap, the company’s exchange had a volume of more than $1.2 billion in the past 24 hours. This makes it relatively smaller than Binance, a company that transacted cryptocurrencies worth more than $36 billion in the same period.
Still, Crypto.com has been growing fast. It has more than 10 million global users. This growth has been helped by the company’s strong marketing push. For example, it is a leading sports sponsor in the blockchain industry. It has sponsored teams like UFC and Formula 1.
The company believes that it will gain more users by increasing its marketing budget. This is why it is teaming with several celebrities, including Ronda Rousey in a global marketing project.
Still, Crypto.com Coin faces several challenges ahead. The biggest one is on how to incentivise developers to move into the Crypto.org Chain. This is because its adoption has been relatively muted in the past few months.
It is not even clear which developers have built using it. For example, it is not even tracked by DappRadar and other platforms.
Crypto.com Coin price forecast
The daily chart shows that the Crypto.com Coin price has been in a major bullish trend in the past few weeks. Before that, the coin was forming an ascending triangle pattern that is shown in black. An ascending triangle is usually a bullish sign.
The momentum gained steam when the coin moved above the upper side of the triangle. It remains above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to 83. This is the most overbought it has been in months.
Therefore, while the bullish trend may continue, there is also a possibility that a pullback will happen in the near term.
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