- 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.
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
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
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.