Crypto.com hits two-month lows as selling pressure accelerates

• Crypto.com price hits new 2022 lows and new 2-month lows.
• Selling pressure is likely to continue below the $0.50 price level.
• Support may not come into play until $0.38.

Crypto.com price is within range of its final support zone before it could move into the $0.30 value area. Bears are in control and have been fighting to push CRO lower, but bulls have persisted.

Crypto.com price on track for a 15% drop

Crypto.com price is sitting in a susceptible support zone that, if breached, could trigger a steep drop to lows not seen since early November 2021. The overall trend and price action within the Ichimoku Kinko Hyo system is highly bearish.

CRO is below the Ichimoku Cloud, Kijun-Sen, and Tenkan-Sen, indicating zero support structure within the Ichimoku system. Additionally, the Chikou Span remains below the candlesticks and in open space. Combining all these conditions is one of extreme and persistent bearish price action.

Adding to the bearish outlook is Crypto.com price trading below the 50% Fibonacci retracement level at $0.45 and the Volume Point Of Control at $0.46. A reprieve from the selling may not occur until Crypto.com hits the support zone between $0.37 and $0.38, where the 61.8% Fibonacci retracement and 61.8% Fibonacci extension exist – a drop of more than 15% from the Wednesday open.

CRO/USDT Daily Ichimoku Kinko Hyo Chart

If bulls want to invalidate the upcoming bearish price action, they will need to step in to push CRO price to a close above the 50% Fibonacci retracement, Volume Point Of Control, and Tenkan-Sen to $0.47. If bulls can achieve a close at that level, is very likely that selling pressure may abate some and provide a small relief rally.

However, real relief will not occur until the Chikou Span is above the bodies of the candlesticks; the earliest that this can occur is $0.60.

 

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