• Crypto.com price continues to slide lower with little support in sight.
  • CRO is close to making new two-months lows.
  • A price drop of over 20% may be necessary before buyers take interest.

Crypto.com price was one of the best performing cryptocurrencies of the last quarter of 2021. Buoyed by solid fundamentals like the Staples Center being renamed the Crypto.com Arena, Crypto.com saw significant mainstream attention to the CRO token. However, pressure from a sell-the-news event continues to plague CRO’s current price action.

Crypto.com price off more than 60% from all-time highs made on November 27

CRO price action is in a clear bearish drive south. CRO is facing extreme pressure from responsive selling off of an Ideal Bearish Ichimoku Breakout entry within the Ichimoku Kinko Hyo system. Unfortunately, no Ichimoku support exists until the $0.40 value area.

The Chikou Span is the final component on the daily Ichimoku chart that can provide some reprieve from further selling pressure. However, that reprieve will likely come in the form of support at the top (Senkou Span A) of the Cloud directly below the Chikou Span within the $0.40 value area. Consequently, CRO price would test the 61.8% Fibonacci retracement at $0.40 at the same time.

CRO/USDT Daily Ichimoku Chart

If Crypto.com bulls want to invalidate the current bearish outlook, buyers need to push Crypto.com to a close at least above the Tenkan-Sen at $0.53. Ideally, buyers would push CRO to a close above the Tenkan-Sen, Kijun-Sen, and 38.2% Fibonacci retracement around the $0.62 value area. That would also position the Chikou Span above the candlesticks and into open space, limiting the majority of any further threats to the downside.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing chances of one last bear market rally for 2022

Bitcoin Weekly Forecast: Assessing chances of one last bear market rally for 2022

Bitcoin price is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

More Bitcoin News

Uniswap price could kick-start a 14% rally if it reclaims this level

Uniswap price could kick-start a 14% rally if it reclaims this level

Uniswap price has been following the broader market bullish cues over the last few days sustaining its rise from 48 hours ago. Although the sentiment seems to have shifted slightly, UNI holders can still book profits if the Decentralized Finance (DeFi) token climbs to this level.

More UniSwap news

ATOM price suggests bears are still in control for these reasons

ATOM price suggests bears are still in control for these reasons

Cosmos price is producing a countertrend rally after suffering a steep decline throughout the month. If market conditions persist, ATOM could wipe out newly established bullish positions. Key levels have been defined to gauge ATOM’s next potential move.

More Cosmos news

Cardano Price Prediction: A new yearly low before the bounce

Cardano Price Prediction: A new yearly low before the bounce

Cardano price has suffered a vicious downtrend move throughout November. Ss price consolidates, the technicals suggest a bounce occurs while on-chain metrics hint that investors are considering securing profits sooner than later.

More Cardano news

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP