Crypto.com Partners with South Korea’s Fantagio in KPop Move

Key Insights:

• Crypto.com native token Cronos (CRO) slid by 4.63% on Wednesday, with the downside coming despite CRO hitting $0.16.
• The Wednesday sell-off started earlier than the broader market, with investors locking in profits from the Tuesday session.
• Technical indicators are bullish, with CRO sitting above the 50-day EMA.

On Wednesday, Crypto.com native token Cronos (CRO) slid by 4.63%. Partially reversing a 9.32% rally from Tuesday, CRO ended the day at $0.1443.

A bullish start to the day saw CRO surge to a day high of $0.1601 before hitting reverse. Coming up against the First Major Resistance Level (R1) at $0.1602, CRO slid to a low of $0.1435.

Despite the extended sell-off, CRO steered clear of the major support levels to end the day at $0.1443.

CRO was unresponsive to upbeat macroeconomic data from the US, positive corporate earnings, or the NASDAQ 100, which ended the day up 2.59%.

Network news updates delivered a first visit to $0.16 since June 11. On Monday, Crypto.com announced a Cronos Chain mainnet upgrade, which has contributed to the breakout from an August 1 low of $0.1354.

Leading Crypto Exchange Crypto.com Signs MOU with KPop’s Fantagio

On Wednesday, news hit the wires of Crypto.com signing a Memorandum of Understanding (MOU) with KPop entertainment company Fantagio.

Fantagio reportedly said,

“We have signed a business agreement with Crypto.com for NFT collaboration. We will step into the NFT market as soon as possible through collaboration with Crypto.com.”

The latest news quashes recent rumors of Crypto.com succumbing to the crypto winter. In early July, the crypto rumor mill was flooded with talk of Crypto.com being the next crypto giant to topple.

At the time, Crypto.com CEO Kris Marszalek turned to social media to address rumors of a possible change to withdrawal policy.

Addressing Crypto.com users on Twitter, Kris tweeted,

“Our withdrawal policy is the same as it always was, we didn’t implement any new restrictions.”

The Crypto.com CEO went on to say,

“People are free to FUD all they want, but this doesn’t change the facts: Crypto.com will be a top 5, maybe even top3 crypto platform globally by revenue this year. Only two other players have a higher user count than us.”

In May, Cronos (CRO) tumbled as investors responded to Crypto.com updates on staking rewards. Shortly after the announcement, the exchange u-turned on the decision. The damage was done, however, with CRO well below levels seen after the announcement.

While Crypto.com has faced adversity, the exchange is active in building brand awareness. Crypto.com has strong ties with the National Basketball Association (NBA), Formula 1, the National Football League (NFL), and soccer globally.

CRO Price Action

At the time of writing, CRO was up 0.62% to $0.1452.

A mixed start to the day saw CRO fall to an early low of $0.1439 before rising to a high of $0.1469.

Technical Indicators

CRO will need to move through the $0.1493 pivot to target the First Major Resistance Level at $0.1551.

Broader market sentiment would need to improve to support a return to $0.15.

In the event of an extended rally, CRO should test the Second Major Resistance Level at $0.1659 and resistance at $0.17. The Third Major Resistance Level sits at $0.1825.

Failure to move through the pivot would leave the First Major Support Level at $0.1385 in play. Barring another extended sell-off throughout the day, CRO should avoid sub-$0.13. The Second Major Support Level at $0.1327 should limit the downside.

The Third Major Support Level sits at $0.1161.

The EMAs and the 4-hourly candlestick chart (below) send a bullish signal.

At the time of writing, CRO sat above the 50-day EMA, currently at $0.1452.

This morning, the 50-day EMA pulled away from the 100-day EMA. The 100-day EMA also broke away from the 200-day EMA, both were CRO price positives.

A hold above the 50-day EMA would support a return to $0.15 levels to target the Major Resistance Levels.

However, a slide through the 50-day EMA would bring S1 and the 100-day EMA, currently at $0.1350, into play.