Crypto.com was founded in Jun. 2016 by Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao. It was initially called “Monaco Technologies GmbH.” On Dec. 25, 2021, the iconic stadium of the Los Angeles Lakers was renamed “Crypto.com” arena in a naming rights deal worth over $700 million.
In this article, we use token analysis and other factors to make an educated guess at where the price might go. But first, let’s take a look at what Crypto.com is.
What is Crypto.com Coin (CRO)?
Crypto.com is a trading platform that offers financial services. The native token for the firm is Crypto.com Coin (CRO).
One of the most significant new developments for the firm is the Crypto.com chain. It is an open-source blockchain that is associated with low fees and high transaction speeds. It aims to increase blockchain adoption through services like regular payments, decentralized finance (DeFi), and an NFT marketplace.
Another interesting product is the crypto.com card, which is compatible with both fiat and crypto tokens. It has a 20% buyback plan when making payments in CRO and a 10% plan for purchasing gift cards.
The company is continuously searching for new ways to speed up the process of blockchain adoption, in order to allow users to be more in control of their own money and data.
When the CRO Mainnet launched on Mar. 25, 2021, 70 billion tokens were burnt, making it the largest burn in history. Since then, it has not been possible to mine any more CRO tokens, leaving the maximum supply at 30,263 billion tokens.
The token is allocated into five main categories:
- 30% – Secondary distribution, released in regular batches
- 20% – Capital reserve (unfrozen on Nov 7, 2022)
- 20% – Long-term incentives for the network (unfrozen on Nov 7, 2022)
- 10% – Community development
- 20% – Grants for the ecosystem
Holders can also stake CRO and earn rewards for helping process transactions on the network, since CRO is used for settling transactions.
CRO price prediction
CRO’s price has been falling since reaching an all-time high of $0.97 on Nov. 24. So far, it has decreased by 55%. It is currently trading just above the 0.618 Fib retracement support level at $0.425. Therefore, it is possible that the current level will initiate a bounce.
If not, there is very strong horizontal support at $0.32, created by the previous all-time high region. Therefore, it would be likely for CRO to bounce at one of these support levels, temporarily halting the decrease.
CRO price prediction 2022
CRO began a five-wave upward movement in the beginning of 2021. It seems that CRO is currently in wave four of this entire formation, which, as outlined above, could end between $0.32–$0.42.
Wave three has been the extended one, reaching the 4.618 external Fib retracement level. Therefore, it would be likely for wave five to have a similar length as that of wave one, which amounted to an upward movement of 100%.
Measuring from the lower portion of the potential support, an increase of 600% would take CRO all the way to $2.23.
Will $1 be a realistic target for CRO?
The CRO token is currently in the middle of a retracement, which could see it go past the $1 mark in 2022. However, as is always the case, this is not guaranteed.
Of course, if CRO could leverage its strong public exposure, it could accelerate its growth. With any luck, it will bounce from its support levels.
Frequently asked questions
What makes Crypto.com unique?
Will CRO reach $1 in 2022?
In line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers. While partners may reward the company with commissions for placements in articles, these commissions do not influence the unbiased, honest, and helpful content creation process. Any action taken by the reader based on this information is strictly at their own risk.