- Crypto.com Coin price action slips in late US trading on Tuesday.
- CRO price nears the last line of defence before bears test $0.10
- Expect to see another 12% decline if this sentiment continues throughout the week.
Crypto.com Coin (CRO) price slipped as bulls’ false hopes of a possible rally to $0.1300, near the 55-day Simple Moving Average, evaporated. Instead, CRO price plunged over 6% to the downside to find support near $0.1100. As bears rip through support, the low of 2022 is coming up for grabs and could see CRO price printing sub-$0.0984.
CRO price set to drop another 11%
Crypto.com Coin price is not enjoying much of an Indian summer as price action erases all previous gains in just the last hours of the trading session near the US close. With bears now pressing down on bulls and squeezing them to the downside, bulls are failing to hold onto the $0.1107 barrier that held up pretty well for most of the summer. With only the monthly S1 support level in the way, not much more is in the way to prevent bears from touching base at $0.0984 anytime soon.
CRO price thus has another 11% of devaluation forecast, with the psychological $0.1000 level at risk of breaking. Not only would that mean a break of a high level, but also the risk of new lows for 2022. With the monthly S2 support near $0.0900 and a red descending trend line possibly still in play, expect that level to be the next target to the downside.
CRO/USD Daily chart
Equity markets have repeatedly shown their resilience these past weeks and months, rallying in challenging circumstances. The same goes for cryptocurrencies with the staggering performance of Ethereum price this week as the most recent example. CRO price could, therefore, see a turnaround just on the back of one positive headline comment and Crypto.com coin price print back up at $0.1200 with the prospect of reaching up to $0.1300 depending on the catalyst at hand.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
This is how XRP whales and the Ripple community set the altcoin up for a 20% rally
XRP price took the entire crypto market by surprise after the massive spike observed on March 19. The single-day increase was the biggest rise noted by the altcoin since September 2022, which set investors scrambling as they tried to make the most of it.
Optimism Price Forecast: Could the Arbitrum airdrop send OP 12% south as market rival makes headlines?
Optimism price (OP) has been moving horizontally within a fixed supplier congestion zone and could break out soon. The expected trajectory for OP comes amid an alt season with rival Ethereum Layer 2 (L2) token Arbitrum holding its airdrop event.
Here is what you can expect from Arbitrum price after major exchanges list ARB
Binance, Coinbase, Bybit, and Huobi crypto exchanges, among others, have confirmed plans to list Arbitrum ARB token ahead of Thursday's airdrop. After the airdrop, users will be able to trade ARB/BTC and ARB/USDT pairs.
SEC issues alert, states crypto service providers may not be complying with US laws
The crypto market has been in the crosshairs of the Securities and Exchange Commission (SEC) for a while now. The lack of clear regulations and the recent collapse of crypto companies and tokens has increased concerns among investors.
Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder
US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge.