The broader cryptocurrency market continues to be affected by the bearish sentiment, but the CRO coin is rallying higher.
The cryptocurrency market has been underperforming since last week. Bitcoin and other leading cryptocurrencies have lost more than 10% of their values over the past week. At press time, Bitcoin is trading below the $58k level while Ether continues to struggle to remain above the $4,000 level.
However, CRO, the native coin of the Crypto.com platform, has outperformed the broader market during this period. CRO hit a new all-time high above the $0.70 level after rallying by more than 10% over the past 24 hours.
The recent rally led CRO to become the 17th-largest cryptocurrency in terms of market cap and could be set to surge higher in the coming weeks and months. The rally was caused by Crypto.com agreeing a $700 million deal with Anschutz Entertainment Group (AEG), owner of the Staples Center in Los Angeles.
Crypto.com now holds the naming right to the arena, home to the Los Angeles Lakers, the WNBA's Sparks, the NBA's Clippers, and the NHL's Kings. The deal will see Crypto.com hold the naming rights to the arena for the next 20 years.
Key levels to watch
The CRO/USD 4-hour chart is one of the most bullish in the cryptocurrency space at the moment. CRO's MACD line is above the neutral zone, indicating that the cryptocurrency is very bullish at the moment. Furthermore, its RSI of 62 shows that it is close to the oversold region.
If CRO continues with its latest momentum, then it could rally past the first resistance level at $0.75 over the next few hours. An extended rally from the Crypto.com native coin would allow it to break past the $0.80 psychological level before the end of the day.
However, in the event that the bears take control, CRO could be forced to defend the $0.655 support level. Unless there is a massive sell-off, CRO should stay above the $0.60 level over the coming hours.