Crypto.com Price Prediction: CRO ready to return to $0.25

Crypto.com Coin breaks below critical support at $0.4384.
As markets keep pointing to a negative close this week, CRO could be set for another 30% decline.
Only $0.31 could be able to defend CRO price from testing its opening price at $0.25

Crypto.com Coin (CRO) is withstanding the current market headwind not that great. It has already lost over 50% of its value from the highs, and CRO could be set to lose another 30% as essential support is being breached. With investors fleeing into safe havens, new positions, like those in Crypto.com, are the first on the chopping block in the portfolio reshuffles of private and institutional investors. A return to $0.25 – the opening price, could be more than possible if $0.31 does not hold.

Crypto.com Coin could be set to test its original opening price soon

Crypto.com Coins are under heavy pressure from US indices, pointing to another session of red numbers. Certainly, Nasdaq is getting hit with >1% losses after disappointing numbers from one of the FANG members. As a result, investors are fleeing the cryptocurrency scene since the Nasdaq is often seen correlating with the asset class.

Not much is standing in the way between $0.4384 and $0.3100. Because the cryptocurrency is still young in its existence, $0.3100 looks to be the only certain level of support, as it holds a double bottom from November and is just a few ticks above the S2 monthly support level. The Relative Strength Index (RSI) nearly breaching the oversold area could set the scene for a falling knife.

CRO/USD daily chart

Global market sentiment can easily switch overnight and make a U-turn in just one trading session. In the event the Nasdaq composite were to print green numbers, expect investors to fall over each other to get their hands on any cryptocurrency they can find so as to be part of the rally and possible uptrend to come. A break above $0.4384 would see demand picking up again and send Crypto.com towards $0.5322, with 21% gains potentially in the making.

Share: Cryptos feed

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.