Crypto.com Coin price action is slim pickings against its peers in cryptocurrencies
- Crypto.com Coin price is printing a mild 4% gain on the back of the Fed speech from Wednesday night.
- CRO fades nearly half already just after the European opening bell.
- Expect to see CRO going nowhere as traders only look at the big names in crypto.
Crypto.com Coin (CRO) price is seemingly muted in its reaction to the events from Wednesday night. Fed Chair Powell took the stage in an ad hoc meeting in New York and said that the Fed is diverging a little bit from its firm hawkish stance. This opens up some room for aspiration in global markets. While equities and the major cryptocurrencies are banking on that, CRO is going nowhere.
CRO might have missed its chance for a rally here
Crypto.com Coin price is not showing good signs that it will be able to hold the gains it booked on Wednesday at the US closing bell. Even then, the price reaction was very muted as global markets rallied firmly, and equities even hit a 2-month high on the back of the comments from Powell. The market's several asset classes are getting a bit of oxygen to breathe and might still print something to show for 2022.
CRO, however, seems to have missed the boat with the rally. The Relative Strength Index (RSI) is already tilting downward and could soon hit the oversold border again. It goes to show that the bearish forces in CRO are just too large to overcome for now. Still we could see CRO at $0.0600 over the weekend.
CRO/USD daily chart
Should CRO be able to catch up, as several tail risks are abating going into 2023, a revaluation effect could occur. That would mean the price to jump higher as cryptocurrencies finally awaken out of their winter sleep. Expect a quick jump toward the first $0.0800 and next $0.1000, which is a pivotal level for most of 2022.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
