Another crypto coin. It’s just what the world needs, right? Not quite. But when it comes to Crypto.com Coin (CCC:CRO-USD), maybe we do?
Today’s let’s take a look at Crypto.com coin, off and on the price chart, and whether the digital asset has the kind of stuff to make it a slam dunk in investors’ portfolios.
Bitcoin (CCC:BTC-USD) or Ethereum (CCC:ETH-USD). Solana (CCC:SOL-USD) or Cardano USD (CCC:ADA-USD). Dogecoin (CCC:DOGE-USD) or Shiba Inu (CCC:SHIB-USD). You know who they are by now and possibly for better or for worse.
From the largest digital assets fetching upwards of a trillion dollars in market capitalization, to those on-their-heels “Ethereum Killers,” meme-worthy digital jokes or the other roughly 13,500 and growing cryptos out there—there’s something for everyone it seems including CRO coin.
The Broad World of Crypto
To be fair to the in-your-face explosive popularity of cryptocurrencies, the hands down, favorite application of these instruments remains converting tokens and coins back into more Benjamins’ than when we started, right?
Importantly, today’s digital asset market is not unlike the dial-up era of the internet prior to AOL’s “you’ve got mail” making it tangible and productive for the masses. Oh I know, you’re a serious non-fungible token (NFT) collector already. Please.
With the public safety announcement in place, CRO token does appear a cut above more of the rest of the other cryptos trolling for your U.S. dollars.
And it has nothing to do with its obvious Google-search-winning name, Crypto.com — though that doesn’t hurt either.
Debuting in 2018, Crypto.com Coin is an Ethereum token inexorably tied to the Crypto.com native blockchain, which processes the website’s myriad of financial services. Moreover, with Crypto.com’s wallet and marketplace, investors can buy, sell and hold assets under the industry’s most secure, private and compliant site according to those who vouch for that sort of tire kicking.
It sounds good. But there’s more too.
As InvestorPlace’s Brenden Rearick notes, Crypto.com has launched its own non-fungible token (NFT) marketplace, if that is your thing. It’s also beefed up its DeFi capabilities. Crypto.com Coin can also offer investors passive income on assets. And if that wasn’t enough, CRO is even working with Visa (NYSE:V) on crypto-linked payment cards.
Obviously, CRO coin sounds as though it’s backing the right pony in today’s crypto-based arm’s race.
But the question most of today’s Crypto.com Coin audience is really concerning themselves with is — am I going to be Kardashian rich in the blink of an eye?
And I suppose today, CRO coin investors may have a better shot at that.
Crypto.com Coin (CRO-USD) Weekly Price Chart
Source: Charts by TradingView
While CRO has traded for a couple years now, its real awareness campaign with traders is just getting underway. The thing is the token has finally made it to the big leagues with its listing on the U.S.’ largest crypto exchange Coinbase (NASDAQ:COIN) this month.
And so far, it’s been a big deal. Not only has the token returned in excess of 300% this month at its recent record highs, Crypto.com Coin has also become one the top traded tokens on the platform.
Crypto.com Coin is has also been busy making a brand for itself as it works its way up the digital asset food chain, and it’s likely money well spent.
This month the outfit bought the naming rights to Los Angeles’ iconic Staples Center sports arena for $700 million as part of a 20 year deal. That’s big-time, with the stadium home to the Lakers and Clippers, as well as tons of other high-profile sporting events, concerts and the like.
And the DeFi play is enjoying further street cred cache since actor Matt Damon counted among CRO’s ranks after a recent big-budget NFL commercial spot featuring the message “fortune favors the brave.”
Yeah, I’d don’t think the FOMO and YOLO crowd has had a problem with that. Thanks Matt.
At roughly $17.5 billion in valuation and 14th among cryptos, it’s another yardstick measure which tells us CRO token traders are a fairly convinced group.
Today and following a fast pullback of about 35% into Fibonacci support over the last several sessions and price action largely in keeping with corrections in risk assets with growth potential, it’s time to monitor Crypto.com Coin for a slightly less speculative buy.
If an improved-looking and oversold stochastics indicator can form a bullish crossover as the coin confirms a new candlestick pivot within a couple pennies of the Nov. 26 low, and hold or loosely maintain the 50% support level, CRO would look worthy of a buy.
Bottom line though, rather than trading as though fortune only favors the brave in Crypto.com Coin, I’d suggest investors stick to buy, sell and hold decisions which wisely rely on the price chart going forward as well.
On the date of publication, Chris Tyler holds (either directly or indirectly) positions in Grayscale Bitcoin and Ethereum Trusts (GBTC, ETCG and ETHE). The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Chris Tyler is a former floor-based, derivatives market maker on the American and Pacific exchanges. For additional market insights and related musings, follow Chris on Twitter @Options_CAT and StockTwits.