Often, critics of technical analysis will take the Ron Paul approach to blasting the discipline. The retired congressman loved saying that the U.S. Federal Reserve isn’t federal and it has no reserves. Similarly, naysayers might say technical analysis is neither technical nor an analysis. If so, that wouldn’t present the most comfortable picture of Crypto.com Coin (CCC:CRO-USD).

If you’ve been paying attention to some of the most popular sports leagues, franchises, and Hollywood celebrities, you’re probably familiar with Crypto.com Coin, the digital asset underlining the cryptocurrency exchange and ecosystem. As Bloomberg pointed out not too long ago, actor Matt Damon became the face of CRO, driving unprecedented exposure for the renegade project.

Earlier, Crypto.com Coin generated buzz when the CRO team reached a sponsorship deal with Formula 1 (F1) worth $100 million. As I previously argued, that deal is going to pay dividends, not only because the recently-ended 2021 season was spectacular, but the manner in which it ended was scripted like a summer blockbuster.

Let’s be honest — auto racing isn’t the most exciting spectator sport. Further, F1 has a history of being incredibly boring. Even with Netflix (NASDAQ:NFLX) adding spice to the proceedings with its reality TV docudrama Formula 1: Drive to Survive, the underlying product was predictable.

The best team in the sport, Mercedes AMG Petronas F1 Team and the best driver, Lewis Hamilton, always won. Not this time.

Now, the folks who engineered the Crypto.com Coin phenomenon will be hoping that lightning strikes twice. In addition to renaming the Staples Center Crypto.com Arena, the Wall Street Journal reports that the CRO team will run its first Super Bowl ad.

That alone could pay massive dividends. But as much as you may be sick of hearing about it, CRO can still milk the F1 scandal.

Crypto.com Coin to Enjoy the Desert Heat

If you didn’t pay attention to the four-wheeled controversy, let me attempt a succinct summary. In the final F1 race in Abu Dhabi, Lewis Hamilton was well on his way to an easy Hamilton-esque victory. However, Red Bull Racing’s young hotshot Max Verstappen ended up victorious thanks to a modification of the rules that saw one final sprint to the finish following a late-race crash and subsequent clean-up effort.

Essentially, Mercedes cried foul because the ad-hoc rules adjustment saw Hamilton stranded on very old tires, but allowed Verstappen to take the charge with new and soft (grippy) rubber. It made for perhaps the most dramatic finish in auto-racing history. So Crypto.com Coin was a natural beneficiary.

But yeah, for Hamilton and Mercedes, that was a tough pill to swallow.

In contrast, everything imaginable went right for Crypto.com Coin. Yes, people will watch and re-watch that final lap for ages. Further, throughout the season, tensions simmered, reaching a boiling point in the penultimate race.

These tensions resulted in ugly statements among deliberate troublemakers and emotionally disturbed fans alike. For instance, in an on-track incident involving Hamilton and Verstappen in the middle of last season, many people subjected Hamilton to extreme hatred and abuse, leading to widespread condemnation for the reprehensible behaviors.

Of course, anyone with half a brain cell will not impugn athletes’ performances with disgusting comments about immutable characteristics. That being said, people are curious about how bad things got between Hamilton and Verstappen.

Maybe, just maybe, the audience gets a chance to see that through the Netflix series. And Crypto.com Coin, like it or not, will be a downwind beneficiary for the second time. Even if Netflix cuts out sponsorship visibility, people will probably tune in to the next F1 season.

Still Talking About It

Yes, you’re probably tired of hearing about Crypto.com Coin and its connection to F1, much like you’re tired of reading about Shiba Inu (CCC:SHIB-USD). Except that the data suggests otherwise. People can’t get enough of these stories and opinions about them.

As for the Abu Dhabi incident, I recently discovered that a petition has circulated to convince F1’s governing body to overturn the results, possibly handing Lewis Hamilton the victory and thus the championship. More than likely, that’s not going to happen. That would be anticlimactic after a riveting finale for a sport gone stale.

But the positive here is that passionate auto-racing fans are drudging up a controversial issue. And that might help Crypto.com Coin, which isn’t printing the most convincing of chart patterns, per technical analysis. Under the common view, CRO seems poised to enter a negatively-tilted consolidation pattern, just hoping for a catalyst to break free.

You know what might provide such a catalyst? More people talking about that incident, which in turn facilitates greater visibility for CRO. It’s a super-risky idea, let’s keep it real. But in my opinion as a stakeholder, it’s compelling enough to approach with dumb money.

On the date of publication, Josh Enomoto held a LONG position in CRO. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare.