- Putin called two regions in Ukraine’s Donbass independent and pretended to enact a humanitarian response as tanks rolled in.
- Global markets on the back foot with textbook risk-off across the board.
- Cryptocurrency slaughter sets CRO for its worst-performing week in its existence.
Crypto.com Coin (CRO) is bleeding fast as a third consecutive day of losses is already adding up to 15% of losses for this week, including Sunday past. Only one theme is front and centre, and that is the escalation in Ukraine in the past 36 hours. Following some vital decisions made by Putin yesterday, markets are going into risk-off mode as the spectre of a full-scale war looms with more headlines hitting the wires every hour, talking of sanctions and retaliation from several Western countries.
Next to the Donbass, CRO is becoming a war zone with mounting losses
Crypto.com Coin is having its worst week thus far, with 15% losses on the performance sheet already, since Sunday. The pain is not over yet as the situation in Ukraine is deteriorating by the hour. Bears used the entry at $0.4384 – a historic pivotal level – to reject bulls trying to keep price action above it. The short wick of the Feb 19 candle on the daily chart is proof of that. The big thick red candle on the day after, shows that the bearish response was just too big to resist.
CRO price could shed another 20% as bears will want to find the low of this year, which is around $0.3291 – not far from $0.3100, which is the low of November last year. So expect a particular break towards $0.31 once the low of January 22 gives way to bearish pressure. Should this pan out into a full-scale war with boots on the ground on both sides, expect a further decline with a break below $0.3100 towards $0.25, which was the opening low on the IPO at November 03.
CRO/USD daily chart
Although Putin’s stance was harsh during the televised meeting yesterday, he still left the door open for talks. This means that any phone call with a state head could signal good news and see a massive turnaround in markets where CRO would quickly regain all the lost ground from the past three days. In such a scenario CRO price could tick $0.4243 or even $0.4384. Even a pop above the 55-day Simple Moving Average would not be unthinkable, in the event of a ceasefire or new peace agreement – which could be the relief catalyst markets have been waiting for.
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