- Crypto.com price is down 12% on the month.
- A bearish cross has been spotted on the weekly time frame.
- The bulls will need to hurdle the $0.063 barrier to launch a counterattack.
Crypto.com price may be setting up for an end-of-the-year decline. CRO will need to display tremendous strength to alter the bearish bias.
Crypto.com price setting up for pain
Crypto.com price may be hanging on the edge of a cliff. On December 22, the CRO price is at a 12% loss of market value since the start of the month. The Ethereum-based cryptocurrency exchange token has hovered above a descending trend channel for several weeks. The bulls have produced short-lived countertrend spikes following each retest of the supportive barrier. At the time of writing, the technicals suggest the trend channel will soon face a much more significant challenge.
Crypto.com price currently auctions at $0.056. On the weekly time frame, the 50-week simple moving average has crossed over the 100-week variant, well above the current trading range. Although bearish crosses usually happen more frequently on smaller time frames, like the 4-hour and daily charts, the same concept of momentum and force can be applied on larger timeframes.
The all-time low lies 17% below CRO’s current market value at $0.052 and is the final liquidity level to aim for. If the bulls do not provide support near the lows, then a free-fall-liquidation event could be underway for the Crypto.com price.
CRO/USDT 1-week chart
Thus traders may want to ease off their countertrend scalping strategies when engaging with CRO. On smaller time frames, a breach below the descending parallel channel at $0.055 could be the start of the anticipated decline. Invalidation of the bearish thesis will need a spike and consolidation above the previous weekly settling price at $0.0636. If the bulls are successful, an additional rally towards the November monthly high at $0.074 could occur. The Crypto.com price will rise by 30% if the bullish scenario plays out.
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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.