Where Crypto.com price is heading for the rest of May
- Crypto.com price is attempting to break away from its recent lows.
- CRO must hold the crucial $0.20 in order to move higher.
- A major sell-off and capitulation move towards $0.08 could occur if $0.14 fails.
Crypto.com price continues to trade near the lows it suffered during last week's sell-off. While the great majority of major cryptocurrencies have made more than 40 to 50% moves from their flash crash lows. On the other hand, CRO may be positioned for another major drop.
Crypto.com price is sitting on top of a strong support zone; failure to hold could trigger another collapse
Crypto.com price is sitting right inside an extremely powerful Volume Profile support level. The $0.16 to $0.20 price range is the second-highest volume node in the 2022 Volume Profile and the second highest in the 2021 Volume Profile.
If support holds, then Crypto.com price would likely have enough of a support base to push towards the first resistance cluster near $0.40. $0.40 contains the 2022 Volume Point of Control, the Ichimoku Cloud, and the 50% Fibonacci retracement level.
CRO/USDT Daily Ichimoku Kinko Hyo Chart
The greatest threat to CRO is a close at or below $0.14. The 2021 Volume Profile has a significant gap between the Volume Point of Control at $0.075 and $0.14. The oscillators don't give a clear direction regarding the likelihood of any break. Oddly, there is a difference in extremes between the Relative Strength Index (at an extreme low) and the Composite Index (at a swing high).
Some fundamental considerations for anticipating CRO's next move is related to the continued frustration with changes to its staking rewards for its cardholders. Crypto.com price has historically shown extreme sensitivity to any changes in staking rewards.
Author
Jonathan Morgan
Independent Analyst
Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.
