Crypto.com Coin price forecast: CRO could slide by 65% in December
The Crypto.com Coin price had a great November. CRO, its native token’s price jumped to an all-time high of $0.9765, which was almost 400% above its lowest level in November. In total, the coin has jumped by more than 860% since May, bringing its total market capitalization to more than $18 billion. This makes it the 14th biggest cryptocurrency in the world. It is sandwiched between Terra and Litecoin.
CRO price November review
Crypto.com is a Singapore-based company that has transitioned itself into one of the biggest firms in the crypto industry. The firm processes cryptocurrencies worth more than $1 billion every day. It has grown its total customer base to more than 10 million.
In the past few months, the company has added more services in its platform. For example, it has created a non-fungible tokens (NFT) marketplace and launched a Visa-powered crypto card. It also launched Crypto.org Chain, a platform that enables developers to build smart contracts. CRO is the native token for the ecosystem.
At the same time, the company has been silently building its brand. For example, it is now one of the biggest sponsors of Formula 1, one of the most prestigious events in the world. It is also a major backer of UFC, a leading fighting sports in the world.
The Crypto.com Coin price jumped in November after the company announced that it would double down on its high-budget spending. It first announced a plan to spend more than $100 million in a global advertising blitz. The ads, which are already running, are featuring well-known celebrities like Matt Damon and Ronda Rousey.
The icing on the cake was the company’s announcement that it will spend more than $700 million for rights of the Staples Center. The stadium will now be known as Crypto.com Center.
And on Wednesday, the company announced that it would acquire Nadex and a stake in Small Exchange for $216 million in cash.
Crypto.com Coin price prediction
The daily chart shows that the CRO price has been in a major bullish trend in the past few months. Still, a closer look shows that the coin has lost its bullish momentum in the past few days. Indeed, it is about 40% below the highest level this year. It remains substantially above the important support level at $0.2525, which was the highest point in April and May.
The Crypto.com Coin price is also above the 25-day and 50-day moving averages. Therefore, while the overall trend is bullish, I believe that it will retest the support at $0.2525. This price is about 65% below the current level.