The Crypto.com Coin price has lost momentum. CRO, its native token, is trading at $0.4950, which is about 50% below the highest point in 2021. Its total market capitalization has slumped to more than $12.3 billion, making it the 16th biggest cryptocurrency in the world.
CRO 2021 review
2021 was a good year for Crypto.com Coin. Between May and December, the coin was up by more than 1,200%, making it one of the best performing cryptocurrencies in the world. The rally also propelled it into the top 15 of the biggest cryptocurrency in the world.
The CRO price rally happened as the company launched one of the biggest marketing campaigns to boost its popularity. For example, the company announced a sponsorship with UFC, the most popular martial art sports in the United States.
It also announced a large multi-year sponsorship deal with Formula 1, a sport that gained popularity in 2021. Its banners were seen in most venues and seen by millions of people from around the world.
As if that was not enough, the company announced that it will spend $200 million in a global ad extravaganza featuring people like Matt Damon and Ronda Rousey. It also launched a partnership with 79ers.
The icing of the cake came when the company spent $700 million buying the rights of Staples Center, the home of Los Angeles Lakers. Most importantly, the firm announced that it will be one of the Super Bowl advertisers. This is important since Super Bowl is the most viewed sporting events in the United States.
Internally, Crypto.com did other things as well. It launched its Non-Fungible Token (NFT) marketplace and launched Crypto.org Chain.
This year, the company has a lot to prove. For one, investors will focus on whether the cash spend will lead to more interactions in the Crypto.org chain and the exchange itself.
Crypto.com Coin price prediction
The daily chart shows that the CRO price has been in a strong bearish trend in the past few weeks. As a result, it has moved below the 50% Fibonacci retracement level. It has also moved below the 25-day and 50-day moving averages.
Most importantly, the Crypto.com Coin price is trading at an important level that it struggled moving below several times since December.
Therefore, there is a possibility that the price will have a bearish breakout as bears target the key support at $0.3750. A move above the resistance at $0.5720 will invalidate the bearish view.
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