Why the CRO price continues to disappoint investors

Crypto.com price has become very illiquid market, a sharp move is likely to resolve the mundane price action. 

CRO price struggles to move

Crypto.com price persists in a slow trotting downtrend. On August 2, after briefly tagging the $0.16 level, CRO began a stair-step decline causing investors a loss of 23%. Unlike other cryptocurrencies, the downtrend has been decisive, prompting no retaliatory force from the bulls. If market conditions persist, a sweep-the-lows event could free up market liquidity.

Crypto.com price currently trades at $0.122. The Volume Profile indicator shows a shallow reading, suggesting bulls want a better discount before entering the market. The 8-day simple moving average has rejected the CRO price from passing through the $0.13. CRO price could fall under the June 18 low at $0.098. Such a move would induce an influx of liquidity and prompt an ideal day trader trading environment. 

CRO/USD Daily Chart

Invalidation of the bearish thesis is a closing candle above the 21-day simple moving averages at $0.135. If the bulls can successfully settle above the barrier, they could attempt a retest of the monthly high at $0.16, resulting in a 33% increase from the current CRO price. 

In the following video, our analysts deep-dive into Crypto.com's price action, analyzing key levels of interest in the market - FXStreet Team