- Crypto.com coin sees bulls fighting, but they might be in for only a short period.
- CRO price is set to correct as several US banks issued worsening forecasts and outlooks for the last quarter of 2022.
- Expect to see a drop to $0.08 as more outflow is set to be happening.
Crypto.com coin (CRO) price action is seeing bulls not giving away their positions and trying to battle against the bearish price action that is holding on to cryptocurrencies. Although CRO price has been able to eke out four consecutive days of gains, any euphoria might be short-lived. Several US banks came out forecasting that cash is the best option going into the last quarter of 2022. That means plenty of investors are due to pull out their funds and drain the capital support for cryptocurrencies with another collapse unfolding.
CRO price set to be drained
Crypto.com coin price is seeing bears being pushed against the monthly pivot at $0.1290 and looks set to break back above the 55-day Simple Moving Average to possibly reboot the test at $0.1598, which failed on August 3. That is as far as the good news goes for this short-term forecast, as a cash drain might get triggered anytime soon. Not only is the seasonality set to kick in, with September being the worst performing month for cryptocurrencies these past five years, but under the current issues with inflation and rising prices, investors and traders might want to put their cash aside to pay for household bills instead of venturing to trade cryptocurrencies.
On the back of that, CRO price could start to slip as cash is pulled out with constant selling pressure overshadowing the price action. First up is that red line at $0.1107 which is the benchmark that needs to catch and hold any dropping price action. If it does not hold, expect to see the CRO situation further deteriorate towards $0.080, which falls in line with the monthly S1 support from July and the monthly S3 for August, bearing a 40% decline.
CRO/USD Daily chart
Due Friday, the Fed Jackson Hole Symposium is set to take place with Fed chair Jerome Powell taking the stage. Markets will be hanging on Powell’s lips to hear about possible hints on the rate hikes plateauing, or maybe even potential rate cuts that could happen. That would put forward a goldilocks scenario where stock markets would rally significantly, and the positive tailwind of the Nasdaq would push cryptocurrencies higher overall. Translated to CRO price action, that would mean a possible break above $0.1598 and hitting $0.20 to the upside, holding near 60% of gains.
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
Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews
Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week.
Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60
Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days.
Solana could cross $200 if these three conditions are met
Solana’s total value locked climbs 18% in July to $5.38 billion, as seen on DeFiLlama. Solana sustains over 20% gains in the past seven days, corrects nearly 3% on Monday. Active addresses and new address count in the Solana network have increased throughout July.
ALT, WLD, ENA, ID set for $200 million token unlocks next week
The crypto market is set to experience another wave of token unlocks next week, with Altlayer (ALT), Worldcoin (WLD), Ethena (ENA), and Space ID (ID) set for a combined token unlock worth about $200 million.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.