Cronos (CRO) price surged around 4% on Wednesday to $0.093 following Crypto.com's announcement of a partnership with the UEFA Champions League. CRO's price increased above the descending trendline, signaling a bullish move ahead.
Crypto.com and UEFA announced that Crypto.com will become the first and exclusive global cryptocurrency platform partner of the UEFA Champions League. The multi-year partnership will make Crypto.com an official global sponsor, an announcement that was shared via a Twitter post from Crypto.com. The price of Cronos, the native token of the Cronos chain developed by Crypto.com, surged around 4% following the news.
Crypto.com and UEFA “will work together to enhance fan engagement by creating unique experiences at matches, including in-stadium activations, broadcast integrations, and innovative advertising campaigns,” the statement said. As part of this official global sponsorship, Crypto.com's branding will be prominently unveiled during the UEFA Super Cup on August 14.
⚽️ BIG NEWS ⚽️https://t.co/vCNztATkNg & UEFA @ChampionsLeague announce historic partnership
— Crypto.com (@cryptocom) August 14, 2024
✅ https://t.co/vCNztATkNg is #UCL's 1st Global Crypto Platform Partner
Together we're bringing crypto to 3 Billion fans
See us at today's UEFA #SuperCup @RealMadrid vs… pic.twitter.com/SUJ9FQ2IFD
Cronos’s price broke above the descending trendline (drawn by connecting multiple swing high levels with a trendline from early March) on Friday, rallied, and faced a pullback at the 100-day Exponential Moving Average (EMA), which hovers around $0.097. As of Wednesday, prices are still above the mentioned trendline, finding support at the breakout level of $0.085 and trading 4% higher at $0.092.
If the $0.085 level holds, CRO could rally 17% from the current trading level at $0.092 to retest its weekly resistance at $0.108.
The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart are above their neutral levels of 50 and zero, respectively. These momentum indicators strongly indicate bullish dominance.
CRO/USDT daily chart
Based on IntoTheBlock's In/Out of the Money Around Price (IOMAP), nearly 3,470 addresses accumulated 41.92 million CRO tokens at an average price of $0.090. These addresses bought Cronos between $0.088 and $0.090, which makes it a key support zone. These investors will likely add more to their holdings if the price retraces.
Interestingly, the $0.088 to $0.090 interval mentioned from a technical analysis perspective coincides with the IOMAP findings, making this zone a key reversal area to watch.
CRO IOMAP chart
Despite the bullish thesis signaled by both on-chain data and technical analysis, if Cronos's daily candlestick closes below the $0.067 weekly support, the outlook will shift to bearish. This scenario could lead to a 7% decline in Cronos's price to retest its daily support at $0.062.