The Crypto.com Coin (CRO) price has rebounded after it declined by more than 17% from Sunday to Monday. Its price has risen by 12.8% in the past 24 hours, bringing its weekly gains to more than 16%. It is now valued at more than $4.83 billion.
What happened: Crypto.com Coin has rallied as part of the overall cryptocurrencies rebound. Other cryptocurrencies like Bitcoin, Ethereum, and Cardano have all spiked in the past 24 hours as investors wait for the Fed interest rate decision.
The CRO price has also rallied after the company behind it appointed John Conyers to lead its Non-Fungible Tokens (NFT) push. It will soon launch an invite-only NFT project that will feature leading entertainers, athletes, and other celebrities. NFTs have become increasingly popular, with users having bid more than $1 million for Elon Musk’s NFT.
Crypto.com has also seen the number of active users in its platform surge to 10 million. It hopes that the number will ultimately soar to 100 million. The company has also seen a sharp increase of its volume as its users continue buying and selling digital coins.
The four-hour chart shows that the CRO price is still 30% below its all-time high of $0.2750. The chart also reveals that the lowest point on Sunday was an important support level since it was along the ascending trendline that connects the lowest levels since February 28.
Therefore, in the near term, I suspect that the price will keep rising as bulls target the next March 12 high at $0.2020, which is 5% above the current level. A move above this level will see the Crypto.com Coin price rally to $0.2200. A drop below the support at $0.165 will invalidate this price action.