Why the CRO price continues to disappoint investors
- Crypto.com price lost 23% of its market value during August.
- CRO price shows bulls lack interest based on the sparse Volume Profile Indicator.
- Invalidation of the bearish thesis is a daily closing candle above $0.135.
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
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
