Crypto.com Coin price continues its decline as pressure builds for 40% nosedive move
|- Crypto.com Coin price continues its slow grind lower as pressure is building.
- CRO sees bearish pressure building after a hawkish Fed on Wednesday and a possible disappointment from the ECB on Thursday.
- Expect to see a nosedive move toward $0.05 and $0.04 if US Dollar strength kicks in again.
Crypto.com Coin (CRO) price is seeing its final chances for recruiting new investors and clients to its platform and coin as the FIFA World Cup in Qatar is coming to an end this weekend with the final between Argentina and France. That is pretty much it for positive news to report on CRO, as the other dynamics from global markets are not working at all. With the hawkish Fed rate decision and the possible disappointment of the ECB this afternoon, another round of US Dollar strength could kick in and trigger a sell-off even before Christmas.
CRO hangs by a thread set to snap at any moment
Crypto.com Coin price is facing bad weather as market dynamics are having a go at its price action, which is seeing a slow grind lower that could, at any moment, accelerate quite quickly. The Fed FOMC rate decision on Wednesday was quite hawkish and erased the idea that the Fed is nearly done hiking. At the same time, Powell reiterated that more hikes are needed over a longer period, leaving the door open for continued rate hikes throughout 2023 against market expectations of only three for that same period.
CRO is thus set to flirt first with the low for November at $0.0564, which will be crucial to see if it holds. If the ECB fails to deliver a hawkish message later this Thursday, US Dollar strength will come flying back in and break that support. A nosedive move will be the result with either the psychological handle at $0.05 to support or the $0.04 at the monthly S1 and the red descending trend line as a safety net.
CRO/USD daily chart
An uptick comes with that same important event later this afternoon from the European Central Bank and possibly even the Bank of England. Should both central banks deliver an even more hawkish comment and rate hike as the Fed did, the US Dollar would weaken massively as it gets beatings from two opponents. It would be beneficial to have a GBP/USD and EUR/USD chart with the DXY open this afternoon to see the correlation between those and CRO reactions. Should EUR/USD break above 1.07 and GBP/USD above 1.24, expect DXY to drop like a stone and CRO quickly hitting $0.08 to the upside.
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