- Crypto.com Coin price sees bears pushing onto the low of July.
- CRO price could see additional headwinds coming in, breaking the last line of defence before dropping below $0.10.
- Expect another leg in the downtrend towards $0.08, the first support level.
Crypto.com Coin (CRO) price sees bears cracking down on the low level of July at $0.11 as another leg in the downtrend gets underway. With more pain, the revival of CRO price action has been erased in just two and a half trading days. As the crypto winter is far from over, the worst is still to come with less cash allocated and a capital exodus still ongoing.
CRO cash volumes are draining like a wounded animal
Crypto.com Coin price has made a reasonable effort to start a possible uptrend with a rally that got started at the beginning of July, with price action underpinned at $0.11. However, it took bears not too long to demoralize bulls completely and simply evaporate all their earnings in just two and a half trading sessions. The sheer speed of CRO price tumbling shows how sensitive global markets remain to the current economic situation where cryptocurrencies are in a weak spot.
CRO price also sees cash leaving the market, decreasing its overall market cap and making a return even less likely. As risk assets are being axed out of several portfolios from retail traders and funds, a full-blow recession looks to be underway, which means that CRO price could quickly drop another 30% towards $0.08, near the monthly S1 support level, which is the first line of defence nearby.
CRO/USD Daily chart
In the unlikely case of an upside move, a false break could do the trick for a slight CRO recovery. That would mean that bulls allow bears to break below $0.11 briefly, and following a quick rally, it would bring price action back up towards $0.13. From there, it gets a bit tricky with the monthly pivot at $0.1350 and the 55-day Simple Moving Average at $0.1450 as the second cap nearby. So, short term, the profit would be around 22% to 32%, depending on where the rally can go.
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