• CRO is currently trading at $0.106 after dropping more than 30% within the past week.
  • We have discussed the possibility of CRO facing a multiple-month correction in an older article.

CRO is trading at $0.106 after establishing a strong daily downtrend that doesn’t seem to stop. Bears are in total control over practically all time-frames as bulls continue trying to see any kind of rebound. Unfortunately, there aren’t many support levels on the way down for CRO.

Can CRO recover from this massive downtrend?

In our last article about CRO, we discussed the possibility of the asset facing a multiple-month correction period despite previous gains. At the time, the native token of Crypto.com was trading at around $0.16 after a massive bull rally, however, several indicators turned bearish for the digital asset. 

CRO/USD daily chart

cro price

We accurately predicted the top of CRO which is now in a robust daily downtrend after establishing several lower highs and a massive lower low in the past 24 hours. The digital asset also lost all three SMAs which are transformed into resistance levels.

CRO IOMAP Chart

cro price

The MACD turned bearish on October 14 and it’s gaining a lot of strength quickly. The In/Out of the Money Around Price chart shows only one notable support area between $0.099 and $0.103 where 2.76 billion coins were bought. A breakout below this point can easily drive the price of CRO down to $0.057.

On the other hand, the IOMAP chart also shows that CRO bulls aren’t facing a lot of resistance to the upside when compared to the support area mentioned above. On top of that, the number of new addresses and active addresses has grown significantly over the past week.

CRO New And Active Addresses Chart

cro price

The number of new addresses joining the network grew by 22% in the last seven days, while active addresses increased by 41%. This shows a growing interest in the digital asset despite the current losses.

CRO/USD 4-hour chart

cro price

It seems that a bounce from the current price level can most likely take CRO up to the 50-SMA on the 4-hour chart, located at $0.133. The MACD is on the verge of turning bullish while the RSI remains heavily overextended which means a bounce is bound to happen sooner than later. Another potential price target for the bulls would be $0.141, the 100-SMA.

Crucial price points for CRO

It seems that CRO has been unable to recover from its top at $0.18 and continues falling without many signs of a bounce. A bearish breakout below $0.103 can drive the price of the digital asset down to $0.057.

On the flip side, despite the price falling quickly, the number of new addresses and active addresses of CRO is increasing. This renewed interest in the digital asset shows that some investors are willing to buy. A successful defense of the $0.103 support level can push CRO towards $0.133 and $0.141.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP