Crypto.com's native cryptocurrency, CRO, hit an all-fourth dimension high of $0.593 on Nov. 18 later the visitor won the naming rights to Los Angeles' Staples Eye.

The cryptocurrency trading platform announced Tuesday nighttime that it had paid $700 one thousand thousand to the Anschutz Amusement Grouping to rename Staples Center to Crypto.com for the next twenty years. In doing so, it gained links with the downtown loonshit's native sports franchises, including the National Basketball game Clan's Los Angeles Lakers and Clippers, and the National Hockey League's Kings franchise.

The deal should boost Crypto.coms public awareness, and this prompted traders to raise their bids for CRO, an intermediary settlement token across various assets inside the Crypto.com ecosystem.

CRO faces acting sell-off risks at peak

CRO surged by almost 27.50% a day after Crypto.com'southward marketing deal and past upward to some other 20% the next twenty-four hour period to reach a record high of $0.627, putting its marketplace capitalization most $xiii.15 billion.

The Crypto.com token's upside boom also had it close above its upward sloping resistance level, constituting a broad ascending channel pattern. Bears after returned to confirm the channel's upper trendline as resistance, simply bulls overpowered their attempts, causing the price to rebound higher.

CRO/USD 3-day price chart featuring ascending channel pattern. Source: TradingView

As a issue, CRO entered toll discovery, underscoring traders' anticipation that its name on a popular sporting arena would heave its adoption and prices in tandem.

Withal, sell-off risks were in that location equally its relative strength alphabetize entered overbought territory.

CRO/USD daily price nautical chart. Source: TradingView

As a result, CRO showed signs of correction after peaking out on Thursday, suggesting that many traders decided to lock their profits in anticipation that the CRO toll rally would not extend whatever farther.

Based on the CRO's historical price actions, its next leg lower is eyeing the 20-twenty-four hours exponential moving average (20-twenty-four hours EMA; the green wave) — at nearly $0.37 — as its adjacent downside target. The moving ridge has previously acted every bit an aggregating zone for CRO bulls afterward price dips.

Crypto meets sports

Founded in 2022, Crypto.com currently ranks every bit the world'due south ninth-largest crypto spot exchange. In the previous 24 hours, its volumes came out to be $i.82 billion, compared to Binance's — the pinnacle crypto substitution — $31 billion.

Related: Angelenos push dorsum on new Crypto.com loonshit: 'It will always exist the Staples Heart'

Cypto.com also has existing sponsorship deals with the Ultimate Fighting Title, French football gild Paris Saint-Germain, and the NBA's Philadelphia 76ers. The deals marshal with similar sponsorships between crypto companies and sports clubs, including BitMEX's and Binance's partnership with Italian Serie A clubs AC Milan and Lazio, respectively.

Meanwhile, FTX, whose native token, FTT, has surged by more 750% this year, became the official crypto exchange brand for Major League Baseball game post-obit an announcement this year. The company also bought the naming rights for Miami Heat's FTX Loonshit.

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