Should you buy the falling knife in Crypto.com Coins?


Share:
  • Crypto.com Coins take a nosedive move in early trading on Friday.
  • The falling knife has hit the monthly pivot and started to slow down.
  • Another leg lower looks granted as the G20 summit in Indonesia is set to receive two key figures.

Crypto.com Coins (CRO) price is under siege from geopolitical tensions that have been put back on high alert after a Bloomberg interview with the Indonesian president revealed that both Putin and Xi have confirmed they will attend the G20 summit in Bali, in November this year. This puts traders on high alert due to geopolitical risks as China and Indonesia are experiencing tense relations with the US, while Putin, for the first time since the invasion of Ukraine, will face world leaders who have condemned his actions. Fireworks look granted, with the first fuse lit by many in the ongoing cryptocurrency sell-off.

CRO price heatwave is over

Crypto.com Coin price is nosediving this morning with around 8% of losses as traders get rattled by a Bloomberg interview with the president of Indonesia that admitted that both Xi and Putin have confirmed they will come to the G20 meeting in person. November will thus prove to be a very tense period, with European countries scrambling for gas supplies and some regions shut down while world leaders meet in Bali, where Putin will make his first appearance since the Ukraine invasion. The photo opp will be an interesting event; expect markets to be on edge in anticipation of the occasion.

CRO price already broke the 55-day Simple Moving Average at $0.1312, although the effort expended, helped slow down the falling knife. Now it has got caught by the monthly pivot at $0.1294. For now, this seems to have done the trick, but the Relative Strength Index shows that there is still some room to go, with CRO price set to tank another leg lower to possibly $0.1150 or $0.1100. Constituting around 12% additional losses either in the run up to or over the weekend.

CRO/USD Daily chart

CRO/USD Daily chart

Alternatively, a simple bounce off the monthly pivot could see bulls regroup. The 55-day SMA has already done a lot of work to slow CRO price’s descent and triggered the signal for bulls to start buying into the price action. Do not expect a quick pop back to $0.1600, as bears will probably try to cut short that attempt. Rather look around $0.1500 for a top before price action could ply back to $0.1300. Imagine a bouncing ball, losing momentum, with bulls awaiting the right catalyst to break above $0.1600 in due time.

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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Is there more upside to Dogecoin-killer Shiba Inu’s rally after 100% gain in 90 days?

Is there more upside to Dogecoin-killer Shiba Inu’s rally after 100% gain in 90 days?

Shiba Inu token burn rate climbed by 67% since February 4. A total of 13,518,918 SHIB tokens have been burned according to the Shibburn portal. The meme coin gained 100% against competitor Dogecoin in the last 90 days. 

More Shiba Inu News

Why Bitcoin is still in a bear market and what this means for BTC price?

Why Bitcoin is still in a bear market and what this means for BTC price?

Bitcoin is currently in a bear market, according to analysts despite the massive rally of January. The selling pressure on the asset has reduced with miner inflow to exchanges declining to multi-year lows. 

More Bitcoin News

Here's what the new Dogecoin fork means for DOGE hodlers

Here's what the new Dogecoin fork means for DOGE hodlers

EthereumFair, the project that brands itself as the world’s first Ethereum fork is in talks with the Dogecoin community for a fork. The team proposes retaining DOGE’s consensus algorithm and changing the mining algorithm to make it compatible with Ethereum graphics card mining. 

More Dogecoin News

What to expect from US CFTC’s landmark crypto enforcement in 2023

What to expect from US CFTC’s landmark crypto enforcement in 2023

United States Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam has said he will be continuing efforts for the agency to regulate cryptocurrencies, that is non-security tokens. In his remarks at the American Bar Association, Behnam said that the CFTC is well positioned to address regulatory gaps in crypto. 

More Crypto News

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT.

Read full analysis

BTC

ETH

XRP