- Crypto.com price is currently hovering above equal lows formed at $0.0985 after an 89% downtrend.
- Investors can expect a sweep of the equal lows at $0.0985 followed by a retest of the $0.0922 support level.
- A daily candlestick close below $0.0922 will invalidate the bullish thesis for CRO.
Crypto.com price shows little response to the fundamental developments that are surrounding the company. This lack of response can be attributed to the current market conditions, which are largely bearish and have been so for nearly a year.
However, the cryptocurrency platform, Crypto.com has invested $145 million in France to “support the establishment of its market operations, including a regional headquarters in Paris.” The company also noted that it would hire local talent to show its long-term commitment to France.
Bonjour Paris— Crypto.com (@cryptocom) October 12, 2022
We’re excited to deepen our commitment and presence in France, by making Paris our new European regional HQ
Full details:https://t.co/nBoixpyMHi pic.twitter.com/EhkbKYUOZQ
The CRO token, on the other hand, does not seem to be doing well as it continues to plummet in value.
Crypto.com price needs a few more tweaks
Crypto.com price has shed 89% of its value from its all-time high at $0.954. This massive downtrend is in line with the general market outlook. But lately, this downtrend has slowed, leading to consolidation.
As CRO hovers around $0.1000, investors need to pay close attention to the equal lows below it at $0.0985 and the support level at $0.0922. Crypto.com price will continue to produce lower lows and retest these levels in the near future, while the Relative Strength Index (RSI) has produced higher lows.
This move between the price and RSI’s lows growing further away from each other is termed a bullish divergence and often leads to an explosion in the underlying asset’s value, which is Crypto.com price in this case.
Therefore, investors should expect a retest of $0.0922 to be followed by a quick run-up to $0.1250, constituting a 25% ascent.
CRO/USDT 1-day chart
On the other hand, if Crypto.com price fails to stay above the $0.0922 support level, it will invalidate the possibility of a reversal or bounce. This development could further knock CRO to a foothold at $0.0804.
The video attached below talks about Bitcoin price and its potential outlook, however, this is still relevant as it is likely to influence Crypto.com price.
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.
Follow us on Telegram
Stay updated of all the news
Cardano price coils up for a 15% rally as 6.61 million ADA net flow value comes in
Cardano (ADA) price appears to be ready to finally break out from the consolidation after flipping above a crucial roadblock. The optimism comes as the ADA token recorded a massive spike in large transactions nearing 35,000 in 48 hours.
Ripple price eyes 25% breakout as XRP community anticipates June 13
Ripple price is coiling up for a breakout amid revitalized optimism in the community, counting the days to June 13. XRP could explode 25% to new range highs, levels last seen in May 2022. Invalidation of this bullish outlook will occur upon a daily candlestick close below $0.49.
Shiba Inu tests 50-MA despite whales accumulating billions of SHIB tokens
Shiba Inu (SHIB) price has favored the bulls for a week now, extending its gains for the second consecutive session. This comes as sentiment across the crypto market continues to improve, initiated by the crypto king, Bitcoin (BTC).
Ethereum price at catch-22, pressed between this bullish outlook and a waning of momentum
Ethereum (ETH) price is trading with a bullish bias, following Bitcoin's (BTC) heels. The Proof-of-Stake (PoS) token is up a staggering 60% in 2023, which is no mean feat considering the gloomy outlook in the market, characterized by the extended bear market.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.