- Crypto.com Coin price came into the crosshairs on Thursday.
- CRO underwent a massive sell-off with an+8% loss on the close for Thursday.
- Expect to see more at risk as this support is the only thing that stands between bulls and a 30% loss.
The price of Crypto.com Coin (CRO) took a strong uppercut of 8% losses as bulls were knocked out against the ropes Thursday. In a ninja-type of event, bears suddenly swarmed the market and sparked sell-offs across the board in bonds, equities and cryptocurrencies. Several warnings were already issued throughout the week that tail risks were flaring up again, and the message from Federal Reserve Chair Jerome Powell on Tuesday was initially perceived as dovish by markets before its hawkish intent was digested later in the week.
Crypto.com Coin price has only two lifelines protecting from 30% implosion
Crypto.com Coin price could tank another 30% if bears can breach two crucial support levels as the January rally is at risk of being erased from the books. Following the surprise visit from Zelenskyy in Brussels, Russia has started its first part of the next offensive with several missile attacks, mortars and an organized drone attack. All eyes are on Brussels Friday where EU leaders will discuss Zelenskyy’s plea for fighter jets in response to the new Russian offensive.
Thus, CRO is at the mercy of current geopolitical forces about to enter their one-year morbid celebration. Expect more tail risks to be added and further ammunition to be provided to bears if the EU gives the green light for the fighter jet delivery. A nosedive move through $0.0749 and the 55-day Simple Moving Average at $0.0700 opens the door for a full erasure of the January rally by falling to $0.0550.
CRO/USD daily chart
With these support levels in place, a rebound could be granted as well. After all, several intelligence agencies were predicting the next offensive to happen in the middle or the end of January. Do not expect to see a test at $0.10. Bulls need to be realistic and focus on $0.0850 as the profit-taking level for now.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.