The Crypto.com Coin price rebounded on Tuesday after the parent company announced a new sports sponsorship deal. The CRO token rose to a high of $0.1617, which was about 8.2% above the lowest level this week.
Crypto.com and Philadelphia 76ers
Crypto.com is one of the biggest cryptocurrency companies in the world. According to CoinMarketCap, the company transacted cryptocurrencies worth more than $4.3 billion in the past 24 hours.
The company offers a complete suite of services to more than 10 million customers from around the world. It has a cryptocurrency wallet, an online wallet, a Visa card, an NFT marketplace, and even a Decentralized Finance (DeFi) wallet.
At the same time, Crypto.com owns the Crypto.org Chain, which is a platform similar to Binance Smart Chain and Ethereum. It is a blockchain platform that allows people to build decentralized applications (DApps).
Crypto.com Coin, also known as CRO is the native token for this ecosystem. It is used for both governance through its proof-of-stake technology. The token is also used to power the Crypto.com ecosystem.
The company has been in a strong growth phase in the past few months. To achieve this, it has paid TV commercials and partnered with some of the leading sporting events in the world. For example, it is a leading partner of Formula 1 and the UFC.
Now, Crypto.com has partnered with the Philadelphia 76ers. The partnership will see the company’s logo displayed in the team’s arena, digital platforms, and their shoulders.
the future has arrived. @CryptoCom | #CryptoHoops pic.twitter.com/8OdMD8GivG
— Philadelphia 76ers (@sixers) September 22, 2021
In a statement, the company’s CEO said:
“We’re extremely excited to announce our partnership with the 76ers, becoming the first global crypto platform with an official jersey patch partnership in the NBA. The NBA is one of the most popular leagues in the world, and the 76ers were an obvious choice.”
CRO price prediction
The four-hour chart shows that the CRO price has been under pressure in the past few weeks. The token has declined by more than 20% from the highest level in September. It has also moved below the ascending channel shown in black.
At the same time, the token remains below the 25-period and 50-period moving average while the MACD remains below the neutral level. It also seems like it is forming a bearish flag pattern. Therefore, the path of the least resistance for the Crypto.com Coin price is in the downside.
