Will Crypto.com's CRO price retest $0.04?
- Crypto.com price has declined 90% since All-time highs.
- CRO price hovers below a significant trend channel.
- Invalidation of the bearish is a breach above $0.20.
Crypto.com price could print a new all-time low if market conditions persist.
Crypto.com price looks lethal
Crypto.com price has analysts second-guessing a macro count. The steep declining nature of the bearish trend since All-time highs at $0.91 has already forged a 90% loss. However, within the downturn since the April 3 sell-off at $0.51, there has not been a bullish retracement of at least 50% of each impulsive decline. In layman's terms, CRO price has fallen "penny-from-Eiffel" style and shows no signs of an imminent bounce.
Crypto.com price currently trades at $0.11 as the Ethereum-based exchange token auctions below a descending trend channel established in November of 2021. The sideways congestion around this significant barrier provokes thoughts of further calamity. A breach below $0.10 could catalyze a decline into all-time lows at $.04. The Volume Profile Indicator thoroughly confounds the bearish demise as an influx of volume came in around the all-time highs without any bullish rally to show for it. Subsequently, there has been no bullish influx of volume since the bears came pouring in last year.
CRO/USDT 4-Day Chart
Invalidation of the bearish downtrend is a breach above $0.20. If the bulls can rally above said barrier, they may be able to rally as high as $0.33, resulting in a 177% increase from the current Crypto.com price.
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.
