Jonathan Morgan
Independent Analyst
- Crypto.com price develops a bearish continuation pattern on its daily Ichimoku chart.
- Selling pressure mounting as CRO dips below the Ichimoku Cloud.
- Minimal support structure present to prevent a sell-off.
Crypto.com price flashes multiple bearish signals as the regular trading week draws to a close. The early positive sentiment on Monday has been erased as bears take over and threaten new 2022 lows if the final support level fails.
Crypto.com price poised to drop another 30% to $0.30
Crypto.com price action shows a similar bearish continuation structure seen on Ethereum’s and other significant altcoins charts. The current bearish continuation pattern on CRO’s daily Ichimoku chart is a bear flag. The pattern was confirmed after a new swing high was formed at $0.446.
The $0.446 price level is the strongest resistance cluster for Crypto.com price. $0.446 contains the 50% Fibonacci retracement of the all-time high to the low of the monthly strong bar in November 2021, the daily Kijun-Sen, and the 2022 Volume Point Of Control.
There remains only one support level left on the daily chart for Crypto.com price: the Tenkan-Sen at $0.40. A close below $0.40 would position the Chikou Span below the bodies of the candlesticks and in open space, confirming an Ideal Bearish Ichimoku Breakout entry as well as a bear flag breakout entry.
CRO/USDT Daily Ichimoku Kinkon Hyo Chart
Upon a close below $0.40, the target zone for bears is the 100% Fibonacci expansion at $0.30, just below the current 2022 low of $0.33. If bulls wish to invalidate the near-term bearish outlook, they must first achieve the difficult task of closing the Crypto.com price above $0.446.
The ultimate goal for bulls is a close above the Ichimoku Cloud (Senkou Span B) near the $0.51 value area. However, given the current risk-averse sentiment felt in all financial markets and CRO’s weak technical, a return to $0.51 does not appear to immediately likely.
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