Crypto.com Partners with Coca-Cola — CRO Token Price Spikes by 35%

Key Takeaways:

  • Crypto.com partnered with Coca Cola to launch FIFA World Cup themed NFT collection.
  • Coca Cola would create digital art from player heatmaps.
  • CRO token rose 35% before sell-offs pared gains.
CRO price spiked on news of Coca-Cola partnering with Crypto.com, but pared gains later in the day.
CRO token price spiked on news of Coca-Cola partnering with Crypto.com but pared gains later in the day.

NEW DELHI (CoinChapter.com) — Crypto.com partnered with Coca-Cola to launch a new NFT collection that the crypto exchange has named “Piece of Magic.”

The NFT collection plans to celebrate the 2022 FIFA World Cup in Qatar. In detail, the exchange’s collaboration with Coca-Cola plans to launch World Cup NFTs, which would be the heat maps of the players’ movement during the World Cup matches.

Crypto.com would host the NFTs on its blockchain, while Coca-Cola would be responsible for creating the NFTs with the help of GMUNK, a digital artist.

Crypto.com announced the partnership with Coca-Cola on its Twitter handle.
Crypto.com announced the partnership with Coca-Cola on its Twitter handle.

Per the press release from Crypto.com, the digital artist would use players’ heatmaps from tournament matches in the ongoing world cup. For the uninitiated, a heatmap is an analytical tool that indicates the scope and frequency of a player’s movement on the field.

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The Piece of Magic collection presents an opportunity for fans to own a piece of world cup history. Moreover, the NFT campaign will bolster the drive for Web3 adoption, given that an international body as big as FIFA has embraced it.

The FIFA World Cup™ in Qatar is about bringing magical moments to life on and off the pitch for millions of fans from the region and beyond. This incredible collaboration with GMUNK will see 10,000 stunning and unique ‘Pieces of Magic’ in the form of NFTs available for fans to own forever.

Nazli Berberoglu, FIFA World Cup General Manager at The Coca-Cola Company, said in the press release.

Artist Gmunk remarked that the NFT program used football data as a paintbrush.

CRO Token Price Spikes, But Bears Pare Gains

Once news of Crypto.com partnering with the Coca-Cola Company to launch the world cup NFTs hit the wire, CRO token price spiked. The crypto.com native token jumped nearly 35% to a high of $0.08 on Dec 5 before sell-offs pared gains.

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However, the long upper wicks on the CRO’s daily candles since Nov underscore the significant bearish pressure against CRO’s price action. On Dec 6, CRO price dropped 4.6% to a low of $0.0655. The Crypto.com token failed to flip the 20-day EMA (red wave) into support.

For CRO price to start an uptrend, the token must break and consolidate above immediate resistance from its 20-day EMA near $0.07. Needling above immediate resistance might help the Crypto.com token rise to challenge resistance from its 50-day EMA (purple wave) near $0.0815 before retreating.

CROUSD daily chart with MACD
CROUSD daily chart with MACD. Source: Tradingview.com

Meanwhile, the momentum-oscillator MACD might be turning bearish for the CRO token. Positive bars on the MACD histogram are contracting, indicating the MACD line (difference between 12-day and 26-day EMA) moves towards the MACD signal line (9-day EMA of MACD).

Contracting MACD histogram bars suggest declining bullishness for the Crypto.com price.

If CRO price continues to trend downward, the token might fall to test support near $0.062. Moreover, a marketwide sell-off could result in the CRO price dropping to $0.055 before recovering.

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