The Crypto.com Coin (CRO/USD) price tumbled on Monday even after the parent’s company spent over $7 million in a Super Bowl ad. The coin is trading at $0.4795, which is about 12% below the highest level last week. Its market capitalization has crashed to about $12 billion, making it the 15th biggest cryptocurrency in the world.
Crypto.com Super Bowl ad
Crypto.com is a leading blockchain company that has a presence in almost all segments of the industry. The company’s main product is an exchange where people can buy and sell cryptocurrencies.
Its other products are a non-fungible tokens (NFT) marketplace, Visa card, a decentralized exchange marketplace, and a product that enables customers to earn interest.
Most importantly, Crypto.com also owns Crypto.org Chain, which is an open-source product that enables people to build decentralized applications. CRO is the native token for this ecosystem.
Crypto.com has made headlines in the past few months as the management boosts its presence around the world. First, in 2021, the company announced that it would spend about $200 million in a global ad campaign.
Second, the company announced that it would spend about $700 million for the naming rights of the former Staples Center. This is one of the best-known stadia in the US that is home to Los Angeles Lakers and LA Clippers.
Third, the firm became one of the biggest sponsors of Formula 1, the most prestigious racing league in the world.
The company has made many more sponsorships in the past few months, becoming one of the top spenders.
And on Sunday, the company was among the few that aired their adverts in Super Bowl, an event that was seen by more than 117 million people in the US. Other firms that advertised were Coinbase, FTX, and e*Trade.
Crypto.com Coin price prediction
The daily chart shows that the CRO price has been in a bearish trend in the past few months. It has crashed by about 51.65% from its all-time high. The coin has formed a descending channel that is shown in red. The price is slightly above the upper side of this channel.
At the same time, CRO has moved slightly below the 50% Fibonacci retracement level. Therefore, there is a likelihood that the Crypto.com Coin price will continue falling as bears target the next key support at $0.3870.