Crypto.com 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.
Crypto.com Coin (CRO/USDT) is the native coin of Crypto.com 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 Crypto.com Coin came after the home of the LA Lakers was renamed to Crypto.com 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.
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 Crypto.com 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.