- Crpyto.com price has maintained a steady support zone in the $0.40 area, but bulls appear to be weakening.
- Bearish continuation between the price chart and oscillators warns of a return lower.
- Buyers need to step in and support CRO, or a return to $0.35 is coming.
Crypto.com price continues to face challenges above the $0.40 price level. Strong selling against the Tenkan-Sen at $0.40 tests buyers' conviction – failure to break above the Tenkan-Sen signals continued weakness.
Crypto.com price faces continued selling pressure unless bulls rally CRO
Crypto.com price action has a difficult road ahead if it wants to return to an uptrend that targets new all-time highs. During the intraday session, buyers face the third consecutive day of pushing above the Tenkan-Sen but fail to close above it. The oscillators provide little help in determining an anticipated move, but selling pressure towards a move lower is the most likely scenario.
The strongest case for another downswing, or a least a return to test the 2022 low at $0.32, is the divergence between the candlestick chart and the Composite Index. The arrow pointing down on the candlestick chart shows lower highs, while the arrow on the Composite Index shows higher highs. This divergence is known as hidden bearish divergence. Hidden bearish divergence is only valid if something is already in a downtrend – Crypto.com is definitely in a downtrend –acts as a warning that the current move up is likely to terminate and resume the prior downtrend.
CRO/USDT Daily Ichimoku Kinko Hyo Chart
However, bulls can invalidate a downtrend continuation setup by removing the hidden bearish divergence. To do this, Crypto.com price needs a close above the January 16 close of $0.46. This would also generate a breakout above the current bull flag (blue diagonal linear regression channel) and the Kijun-Sen. From there, a move toward $0.50 is likely.
However, failure to breakout above the Tenkan-Sen would likely see CRO price test the bottom of the bull flag and the 2022 low.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.