Is doomsday for the CRO price already underway?
- CRO price profit-taking reaction at the intended $0.15 target looks overpowering.
- A 21-day simple moving average could be viewed as the final supportive barrier for the Crypto.com uptrend.
- Invalidation of the downtrend scenario is a breach above $0.16.
CRO price shows serious selling pressure. The bulls need to step in fast to prevent a massive liquidation.
CRO price looks concerning
The first reaction for Crypto.com price to the $0.15 barrier looks concerning. The target zone mentioned from a previous outlook was tagged on Tuesday, August 2. The breach caused an immediate ricochet back to $0.14 in a nearly free-fall fashion.
Crypto.com price currently trades at $0.14. If the bulls cannot step in soon, a second attempt at the $0.15 barrier may never come. A breach of the 21-day simple moving average (SMA) at $0.13 could be the catalyst for a larger sell off targeting $0.11 and potentially July’s swing low at $0.10.
CRO/USDT 2-Hour Chart
Invalidation of the downtrend is a breach above $0.16, If the bulls can breach this barrier, they may be able to re-route north targeting $0.18 in the short term. This development would result in a 30% increase from the current CRO price.
In the following video, our analysts deep dive into the price action of CRO, analyzing key levels of interest in the market. -FXStreet Team
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
