Coin price forecast after spiking more than 14% Coin price forecast after spiking more than 14%

Summary: Coin (CRO/USDT) on Tuesday spiked more than 14%.

The blockchain platform’s native coin is now up more than 90% over the last seven days.

The platform offers multiple services including payments, exchange and a trading app. Coin (CRO/USDT) is the native coin of Chain, a financial services company offering a cryptocurrency app, payments, crypto exchange platform, NFTs, and DeFi among other products in the blockchain space.

The company was founded in 2016 as Monaco Technologies GmbH with a vision of “putting cryptocurrency in every wallet”. It has since grown to become one of the biggest entities in the crypto market. 

The CRO/USDT now has a fully-diluted market cap of more than $24 billion, following the recent spike. 

Why did CRO spike over 90%?

The latest spike in the Coin came after the home of the LA Lakers was renamed to Arena following a $700 million sponsorship deal. As a result, CRO is now the thirteenth largest cryptocurrency according to CoinMarketCap.

Tailwinds from the deal look strong enough to continue driving the CRO price higher considering the news dropped a few days ago. 

Source – TradingView

 Technically, CRO/USDR seems to have spiked to complete an upward breakout from a sharply ascending channel formation in the intraday chart. As a result, the Coin token price has surged into overbought conditions.

Therefore, investors could target short-term technical pullbacks at about $0.6595, or lower at $0.5408, while $0.9000 and $1.000 are crucial resistance levels.

In summary, although the CRO/USDT price seems to be trading deep into overbought conditions, any pullback is likely to be temporary.

Source link

Be the first to comment

Leave a Reply

Your email address will not be published.