- Crypto.com Coin breaks below critical support at $0.4384.
- As markets keep pointing to a negative close this week, CRO could be set for another 30% decline.
- Only $0.31 could be able to defend CRO price from testing its opening price at $0.25
Crypto.com Coin (CRO) is withstanding the current market headwind not that great. It has already lost over 50% of its value from the highs, and CRO could be set to lose another 30% as essential support is being breached. With investors fleeing into safe havens, new positions, like those in Crypto.com, are the first on the chopping block in the portfolio reshuffles of private and institutional investors. A return to $0.25 – the opening price, could be more than possible if $0.31 does not hold.
Crypto.com Coin could be set to test its original opening price soon
Crypto.com Coins are under heavy pressure from US indices, pointing to another session of red numbers. Certainly, Nasdaq is getting hit with >1% losses after disappointing numbers from one of the FANG members. As a result, investors are fleeing the cryptocurrency scene since the Nasdaq is often seen correlating with the asset class.
Not much is standing in the way between $0.4384 and $0.3100. Because the cryptocurrency is still young in its existence, $0.3100 looks to be the only certain level of support, as it holds a double bottom from November and is just a few ticks above the S2 monthly support level. The Relative Strength Index (RSI) nearly breaching the oversold area could set the scene for a falling knife.
CRO/USD daily chart
Global market sentiment can easily switch overnight and make a U-turn in just one trading session. In the event the Nasdaq composite were to print green numbers, expect investors to fall over each other to get their hands on any cryptocurrency they can find so as to be part of the rally and possible uptrend to come. A break above $0.4384 would see demand picking up again and send Crypto.com towards $0.5322, with 21% gains potentially in the making.
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