- Crypto.com price is currently hovering above equal lows formed at $0.0985 after an 89% downtrend.
- Investors can expect a sweep of the equal lows at $0.0985 followed by a retest of the $0.0922 support level.
- A daily candlestick close below $0.0922 will invalidate the bullish thesis for CRO.
Crypto.com price shows little response to the fundamental developments that are surrounding the company. This lack of response can be attributed to the current market conditions, which are largely bearish and have been so for nearly a year.
However, the cryptocurrency platform, Crypto.com has invested $145 million in France to “support the establishment of its market operations, including a regional headquarters in Paris.” The company also noted that it would hire local talent to show its long-term commitment to France.
Bonjour Paris
— Crypto.com (@cryptocom) October 12, 2022
We’re excited to deepen our commitment and presence in France, by making Paris our new European regional HQ
Full details:https://t.co/nBoixpyMHi pic.twitter.com/EhkbKYUOZQ
The CRO token, on the other hand, does not seem to be doing well as it continues to plummet in value.
Crypto.com price needs a few more tweaks
Crypto.com price has shed 89% of its value from its all-time high at $0.954. This massive downtrend is in line with the general market outlook. But lately, this downtrend has slowed, leading to consolidation.
As CRO hovers around $0.1000, investors need to pay close attention to the equal lows below it at $0.0985 and the support level at $0.0922. Crypto.com price will continue to produce lower lows and retest these levels in the near future, while the Relative Strength Index (RSI) has produced higher lows.
This move between the price and RSI’s lows growing further away from each other is termed a bullish divergence and often leads to an explosion in the underlying asset’s value, which is Crypto.com price in this case.
Therefore, investors should expect a retest of $0.0922 to be followed by a quick run-up to $0.1250, constituting a 25% ascent.
CRO/USDT 1-day chart
On the other hand, if Crypto.com price fails to stay above the $0.0922 support level, it will invalidate the possibility of a reversal or bounce. This development could further knock CRO to a foothold at $0.0804.
Note:
The video attached below talks about Bitcoin price and its potential outlook, however, this is still relevant as it is likely to influence Crypto.com price.
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
Ethereum has lost its “ultra” sound money status, faces key rectangle resistance hurdle
Ethereum is up 0.5% on Thursday following a recent analysis showing that the top altcoin lost its "ultra" sound money narrative. Meanwhile, ETH ETFs recorded net inflows for the first time after nine days of consecutive outflows.
Solana bears dominate market as SunPump has potentially led to less demand for SOL
Solana is down 2.5% on Thursday following bearish signals across its funding rate and total fees captured. SOL's weak performance could also be linked to the declining traction seen in its meme coin generation platform Pump.fun.
AI tokens see narrow gains as Wall Street banks raise price targets on NVDA
AI tokens NEAR, ICP, RENDER and TAO briefly traded in the green on Thursday following Wall Street banks' positivity toward Nvidia's earnings report. While a correction followed, these tokens could rally if NVDA meets expectations.
XRP back above $0.57 even as Ripple traders take $8 million in profits
Ripple (XRP) traders have consistently taken profits on their holdings in the last two weeks, per Santiment data. Once again, traders have grabbed $8.36 million in profit so far on Thursday. Typically, profit-taking negatively influences the asset as it increases the selling pressure.
Bitcoin: Will BTC continue its ongoing decline?
Bitcoin (BTC) trades above $59,000 on Friday, but it has lost 7.5% this week so far after being rejected around the daily resistance of $65,000. The decline is supported by lower demand from the US spot Bitcoin ETFs, which registered a net outflow of $103.8 million, falling Bitcoin's Coinbase Premium Index, and a spike in Network Realized Profit/Loss. However, some investors seem to be taking the chance to buy BTC amid this price dip, as shown by the Exchange Netflow data.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.