Crypto.com price continues to drop despite making bullish fundamental strides
|- Crypto.com price is currently hovering above equal lows formed at $0.0985 after an 89% downtrend.
- Investors can expect a sweep of the equal lows at $0.0985 followed by a retest of the $0.0922 support level.
- A daily candlestick close below $0.0922 will invalidate the bullish thesis for CRO.
Crypto.com price shows little response to the fundamental developments that are surrounding the company. This lack of response can be attributed to the current market conditions, which are largely bearish and have been so for nearly a year.
However, the cryptocurrency platform, Crypto.com has invested $145 million in France to “support the establishment of its market operations, including a regional headquarters in Paris.” The company also noted that it would hire local talent to show its long-term commitment to France.
Bonjour Paris
— Crypto.com (@cryptocom) October 12, 2022
We’re excited to deepen our commitment and presence in France, by making Paris our new European regional HQ
Full details:https://t.co/nBoixpyMHi pic.twitter.com/EhkbKYUOZQ
Bonjour Paris
— Crypto.com (@cryptocom) October 12, 2022
We’re excited to deepen our commitment and presence in France, by making Paris our new European regional HQ
Full details:https://t.co/nBoixpyMHi pic.twitter.com/EhkbKYUOZQ
The CRO token, on the other hand, does not seem to be doing well as it continues to plummet in value.
Crypto.com price needs a few more tweaks
Crypto.com price has shed 89% of its value from its all-time high at $0.954. This massive downtrend is in line with the general market outlook. But lately, this downtrend has slowed, leading to consolidation.
As CRO hovers around $0.1000, investors need to pay close attention to the equal lows below it at $0.0985 and the support level at $0.0922. Crypto.com price will continue to produce lower lows and retest these levels in the near future, while the Relative Strength Index (RSI) has produced higher lows.
This move between the price and RSI’s lows growing further away from each other is termed a bullish divergence and often leads to an explosion in the underlying asset’s value, which is Crypto.com price in this case.
Therefore, investors should expect a retest of $0.0922 to be followed by a quick run-up to $0.1250, constituting a 25% ascent.
CRO/USDT 1-day chart
On the other hand, if Crypto.com price fails to stay above the $0.0922 support level, it will invalidate the possibility of a reversal or bounce. This development could further knock CRO to a foothold at $0.0804.
Note:
The video attached below talks about Bitcoin price and its potential outlook, however, this is still relevant as it is likely to influence Crypto.com price.
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