Crypto.com continues to look weak, CRO could fall another 20%

  • Crypto.com price remains under significant pressure after Thursday’s sell-off.
  • Silent to zero recovery during the trading session on Friday.
  • There may be a deeper bounce in front of the CRO.

Crypto.com price action looked very bullish and optimistic on Tuesday and Wednesday, closing more than 10% higher. Thursday, however, saw continued selling pressure, with the day closing lower. Friday’s price action was noticeably flat, but the directional slope remains bearish.

Crypto.com price extends to final support structure before dropping to $0.37

Crypto.com price action flirts with the idea of ​​driving down. Participation during the trading session on Friday was very low, with little movement in the overall price range traded. On Thursday, the rejection against Tenkan-Sen resulted in a lower close than Wednesday’s opening, indicating a very bearish event. However, the bears did not follow.

The 50% Fib retracement at $0.445 continues to be the primary support area for CRO price. Failure to maintain the support at $0.445 is likely to bring Crypto.com down to $0.37, where there is a high volume node and 61.8% Fibonacci retracement. The RSI and Composite Oscillator support a downward movement, but the Optex Bands oscillator does not. The Optex Bands oscillator in extreme oversold conditions – but this is the only variable in oversold conditions.

From a bullish perspective, buyers can get rid of any bearish view in the near term by pushing the Crypto.com price to close at $0.53. In this scenario, the CRO will be higher than the 38.2% Fibonacci retracement and Tenkan-Sen. More importantly, Chikou Span will be placed above the candlesticks.

CRO / USDT Daily Chart Ichimoku Kinko Hyo

A clear and undeniable uptrend can only happen when Crypto.com price moves to a daily close above the cloud – the lowest price CRO needs to reach is $0.72 – away from the current value area.

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