• Crypto.com price remains under considerable pressure after Thursday’s selling.
  • Muted to zero recovery during the Friday trading session.
  • A deeper retracement may be ahead for CRO.

Crypto.com price action looked extremely bullish and optimistic on Tuesday and Wednesday, closing more than 10% higher. Thursday, however, saw persistent selling pressure, with the close of the day equalling the low. Friday’s price action has been remarkably flat, but the directional bias remains bearish.

Crypto.com price straddles final support structure before dropping to $0.37

Crypto.com price action is flirting with the idea of driving lower. Participating during the Friday trading session has been very low, with little movement in the overall price range traded. On Thursday, the rejection against the Tenkan-Sen yielded a close below the Wednesday open, signaling a very bearish event. However, bears have not followed through.

The 50% Fibonacci retracement at $0.445 continues to be the primary support zone for CRO price. Failure to hold support at $0.445 would likely push Crypto.com down to $0.37, where a high volume node and the 61.8% Fibonacci retracement exist. The Relative Strength Index and Composite Index oscillators support a downside move, but the Optex Bands oscillator does not. The Optex Bands oscillator is at extreme oversold conditions – but that is the only oversold variable present.

From a bullish perspective, buyers could eliminate any near-term bearish outlook by pushing Crypto.com price to a close at $0.53. In that scenario, CRO would be above the 38.2% Fibonacci retracement and the Tenkan-Sen. More important, the Chikou Span would be positioned above the candlesticks.

CRO/USDT Daily Ichimoku Kinko Hyo Chart

A clear and undeniable uptrend could only occur when Crypto.com price moves to a daily close above the Cloud – the lowest price level that CRO would need to reach is $0.72 – a long way away from the present value area.  


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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu price to erase half of the losses incurred and tag $0.000028

Shiba Inu (SHIB) has shed around 40% of its value due to concerns in global markets about the FED rate decision this evening against a background of geopolitical turmoil.

More Shiba Inu News

XRP presents buying opportunity before breakout to $1

XRP continues to test a new support zone in the $0.60 value area. Bottom likely in for XRP, relief rally, or trend change incoming. The Point and Figure chart shows a bullish entry opportunity.

More Ripple News

Cardano primed for relief rally towards $2.20

A brief technical and on-chain analysis on Cardano price. FXStreet's analysts evaluate why ADA could rebound swiftly. 

More Cardano News

IMF pushes El Salvador to drop Bitcoin as legal tender

The International Monetary Fund (IMF) has told El Salvador to remove Bitcoin’s status as legal tender. The IMF directors stated the move was due to concerns around financial stability, integrity and consumer protection.

More Cryptocurrencies News

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis