The Crypto.com Coin price has been under intense pressure in the past few months. CRO, its native token, is trading at $0.4475, which is about 54% below its highest level last year. Its total market capitalization has dropped to over $11 billion.
Crypto.com is one of the leading blockchain companies in the world. The company offers a number of services that reach tens of millions of people globally. In its platform, one can buy and sell cryptocurrencies and non-fungible tokens (NFT). It is also possible to earn interest from cryptocurrencies in the platform.
The Crypto.com Coin price surged in 2021 after the company announced major brand marketing campaigns. It acquired rights to Staples Center and launched a $200 million marketing blitz. It is also a leading sponsor of Formula 1 and UFC.
Most importantly, the firm will have a spot to advertise in the upcoming Super Bowl event. And this week, Crypto.com announced that it will sponsor a sports league in Australia.
Still, the Crypto.com Coin price has retreated sharply in the past few months. This sell-off is mostly in line with the overall performance of the cryptocurrency industry. It is also because of the ongoing profit-taking as investors who bought it during the climb start exiting their trades. Also, there are concerns about the uptake of the Crypto.org Chain.
Crypto.com Coin price analysis
The daily chart shows that the CRO price has been in a sharp decline. The coin has managed to move below the 50% Fibonacci retracement level. It is slightly above the 61.8% Fibonacci retracement level. It has moved slightly below the 25-day and 50-day moving averages. It also seems like the coin has found a small support level.
Still, the Crypto.com Coin price will likely keep falling as bears target the key support at $0.3750. A move above $0.50 will invalidate the bearish view.