CRO makes another all-time high, courtesy of high social volumes

Crypto.com Coin (CRO) has been on the rise since the past few weeks and continues to dominate the market with its bullish growth
Crypto.com Coin (CRO) has been on the rise since the past few weeks and continues to dominate the market with its bullish growth

Crypto.com Coin (CRO) has been on the rise for the past few weeks and continues to dominate the market with its bullish growth. However, the token is yet to reach $1. Data shows that Crypto.com Coin rose by more than 65% in the week ending on Nov 15. 

This huge growth in the prices is something that traders attribute to the partnerships that the platform has made. As TheCoinRise reported, digital asset services provider, Crypto.com, is looking to release UFC NFTs after striking a deal with the MMA promotion. Also, they signed a historic deal with AEG for $700 million to rename the Staples Centre for 20 years which turned the momentum bullish for the token. 

According to TheCoinRise’s reports, Bitcoin is still struggling to hold prices at $57K and breach $58K. However, CRO hasn’t been affected by BTC’s sluggish nature as rising volumes took the token’s price to a new all-time high.

The token opened the daily candle today at $0.80309 and rose to a daily high of $0.901, followed by a daily low of $0.80307. As of 3:50 AM GMT, the data from CoinMarketCap shows that the trading volume of the CRO token is $1.7 billion, followed by an 11.14% surge in market cap, which currently rests at $21.4 billion, ranking Crypto.com token at 13.

CRO price analysis on the daily chart

According to the daily charts below, the prices have been bullish for November as Crypto.com soared to a new all-time high. TheCoinRise witnessed in November that the Crypto.com app is trending in the Top Spot of the Google Play Store after rolling on the renowned Hollywood actor Matt Damon for promotional purposes.  

The price action is extremely bullish with multiple consecutive daily green candles. The price action broke out from the upper end of the Bollinger Bands as volatility remains high and the sentiment is bullish. 

The 50-day and 100-day Moving Averages continue to progress below the price fractal, indicating a bullish long-term scenario. If and when the prices turn bearish, these lines will act as the key support levels.

CRO price analysis
CRO price chart by TradingView

The MACD indicator represents a bullish divergence as the histogram is full of green bars. The MACD line (blue) remains above the signal line (orange), which hints that prices will be bullish in the short term.

Furthermore, the RSI line trends in the overbought region as investors keep buying a lot of CRO tokens. The buyers are dominating the market as take-profit sentiment prevails.

CRO price analysis
CRO price chart by TradingView

On the other hand, the social volumes continue to rise for CRO tokens, as seen in the chart below. The social engagement rose by more than 113%, while social volumes surged by 187%. The Bullish Sentiment rose by a whopping 253% due to an 1800% surge in news volumes.

CRO volumes
CRO social volumes chart