Crypto.com lifts withdrawal freeze, CRO remains at risk of 15% correction

• Crypto.com recently froze all withdrawals and some deposits after reports of ‘suspicious activity.’
• Users on Twitter reported missing cryptocurrency and withdrawals despite 2FA.
• Withdrawal services were recently restored via Tweet from @cryptocom at 1245 EST.

CRO price may be under heavier than usual selling pressure after concerns about missing or stolen crypto from Crypto.com have been reported. Despite withdrawal services coming back online, concerns remain.

Crypto.com price may face intense selling pressure ahead, users concerned about security and safety

Crypto.com price action was already vexed by some continued and persistent selling pressure. From the prior swing high on December 24, 2021, of $0.69, CRO is down over 35%. CRO is down almost 63% from the all-time high and is likely to face another drop soon.

Significant support exists at the $0.45 price level with the 2022 Volume Point Of Control and the 50% Fibonacci retracement in that value area. However, within the Ichimoku Kinko Hyo system, Crypto.com price is overwhelmingly bearish on the daily chart.

All conditions necessary for an Ideal Bearish Ichimoku breakout are present:

1. Current close below the Cloud.
2. Current close below the Tenkan-Sen and Kijun-Sen.
3. Future Senkou Span A below Future Senkou Span B.
4. Chikou Span below the candlestick bodies and in ‘open space.’

A near-term projected target for CRO is a shared support zone at $0.37, where the 61.8% Fibonacci retracement and 61.8% Fibonacci expansion levels exist. The likelihood of sustained selling pressure is substantial, given the neutral positions of the Relative Strength Index and Composite Index.

CRO/USDT Daily Ichimoku Kinko Hyo Chart

This near-term bearish bias and outlook will likely only be invalidated if CRO price bulls can position Crypto.com to a close at or above the $0.50 value area.

 

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