2023-3-17 21:00 |
The Crypto.com (CRO) price fell below a minor support area. This could be the first step toward a larger and more significant price decrease.
CRO is the native token of the Crypto.com exchange. The CRO token price has fallen under a long-term descending resistance line since reaching an all-time high price of $0.955 in November 2021. The downward movement led to a low of $0.053 in November 2022. The price has increased since, validating the $0.060 horizontal area as support.
Despite the increase, CRO failed to break out from the resistance line. Rather, it was rejected after reaching a new yearly high of $0.095. Moreover, the weekly RSI is still below 50, a sign of a bearish trend.
Nevertheless, the CRO coin price created a higher low in March, validating the $0.060 support area again (green icon).
Whether the price breaks out from the resistance line or falls below the $0.060 area instead could determine the future trend. A breakout could take the crypto.com price to the $0.118 resistance area, while a breakdown could catalyze a sharp fall to $0.030.
CRO/USDT Weekly Chart. Source: TradingView Short-Term Crypto.com (CRO) Price Weakness Could Lead to CollapseWhile the weekly chart presents a mixed outlook, the daily one is decisively bearish. The main reason for this is the loss of the $0.073 horizontal area and its validation as resistance (red icon). This also coincided with an RSI rejection from the 50-line (red circle) and bearish divergence trend line (green).
As a result, a drop to the short-term ascending support line is the most likely scenario. The line coincides with the previously mentioned $0.060 support area. Therefore, whether it bounces or breaks down could determine the future trend.
On the other hand, reclaiming the $0.073 area would mean that the CRO price has also broken out from the long-term descending resistance line. As a result, this could catalyze an increase toward $0.118.
CRO/USDT Daily Chart. Source: TradingViewTo conclude, the most likely CRO price forecast is a fall toward $0.060. The reaction once it gets there could determine the future trend. On the other hand, reclaiming the $0.073 area would invalidate this bearish prediction. In that case, the CRO price could increase to $0.118.
For BeInCrypto’s latest crypto market analysis, click here.
The post What to Expect After Crypto.com (CRO) Price Loses Critical Support appeared first on BeInCrypto.
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