- Crypto.com price auctions on the bottom end of a parallel channel that has significantly impacted CRO throughout the year.
- This year's largest influx of transactions is witnessed on the Volume Profile Indicator near current price levels.
- Invalidation of the bearish thesis is a breach above $0.08.
Crypto.com price is in a make-or-break situation. If the current levels do not hold as support, a penny-from-Eiffel-style decline could occur in the coming days. Key levels have been defined to gauge CRO's next potential move.
CRO price could get ugly
Crypto.com price hovers above what appears to be its final levels of support. On November 14, after a 45% decline on the month, the Ethereum-based cryptocurrency exchange token has landed at the bottom half of a descending parallel trend channel, which has acted as support and resistance throughout 2022.
Crypto.com price currently auctions at $0.067. Accompanying the breach into the lower half of the trend channel is a significant uptick in transactions on the Volume Profile Indicator. Based on several exchanges volume data, the current price is the most transacted market day in all of 2022. Considering these factors, CRO price could be setting up for a definitive move that will either wipe out knife-catching bulls or trap the overly confident bears.
CROUSDT 1-day chart
The bearish targets are likely at the 2020 lows near $0.05. If the bulls do step in to-aid support near the lows, then a free-fall crash similar to FTX could be on the cards for the Ethereum-based exchange token. FXStreet's News Author Ekta Mourya recently reported concerning evidence that confounds the bearish technicals. According to Ekta's report, Crypto.com was involved in sending $404 million worth of Ethereum tokens to Gate.io, another exchange with affiliation to FTX and Sam Bankman-Fried.
Still, the bulls may be able to use the lower trend channel as support once again and provoke a bear-trap rally. Invalidation of the bearish thesis could arise if the bulls can conquer the $0.08 price level. In doing so, an additional buyers' frenzy could commence with bullish targets near $0.10, and potentially the $0.12 liquidity zones. Crypto.com price would rise by 90% if the invalidation scenario plays out.
In the following video, our analysts deep dive into the price action of CRO, analyzing key levels of interest in the market. -FXStreet Team
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
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
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: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
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.