Is doomsday for the CRO price already underway?
|- CRO price profit-taking reaction at the intended $0.15 target looks overpowering.
- A 21-day simple moving average could be viewed as the final supportive barrier for the Crypto.com uptrend.
- Invalidation of the downtrend scenario is a breach above $0.16.
CRO price shows serious selling pressure. The bulls need to step in fast to prevent a massive liquidation.
CRO price looks concerning
The first reaction for Crypto.com price to the $0.15 barrier looks concerning. The target zone mentioned from a previous outlook was tagged on Tuesday, August 2. The breach caused an immediate ricochet back to $0.14 in a nearly free-fall fashion.
Crypto.com price currently trades at $0.14. If the bulls cannot step in soon, a second attempt at the $0.15 barrier may never come. A breach of the 21-day simple moving average (SMA) at $0.13 could be the catalyst for a larger sell off targeting $0.11 and potentially July’s swing low at $0.10.
CRO/USDT 2-Hour Chart
Invalidation of the downtrend is a breach above $0.16, If the bulls can breach this barrier, they may be able to re-route north targeting $0.18 in the short term. This development would result in a 30% increase from the current CRO price.
In the following video, our analysts deep dive into the price action of CRO, analyzing key levels of interest in the market. -FXStreet Team
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