- Crypto.com price has crashed 35% from $0.370 and is currently testing the $0.249 support level.
- A decisive breach of the said barrier could further push CRO down to $0.202 barrier.
- A daily candlestick close above $0.376 will indicate a resurgence of buyers and alleviate the bearish thesis.
Crypto.com price held its support levels for the longest it could but finally the buyers capitulated, leading to a sudden crash in late April and early May. As a result, CRO has dropped to significant support levels and looks ready for more downswings.
Crypto.com price needs buyers
Crypto.com price was consolidating along with the $0.376 support level since an all-time high of $0.975 in November 2021. This level served as a major source of buying pressure, where investors bought CRO at a discount and hoped for a recovery rally.
However, on April 29, Crypto.com price breached this barrier and crashed 38% to where it is trading at the time of writing – $0.244. In doing so, CRO has breached another support level at $0.249. There is still hope for the altcoin, especially if bulls come to the rescue and move above the said barrier.
A failure to recover could trigger a further crash in Crypto.com price to $0.202, which would make sense as it would fill up the fair value gap, extending from $0.318 to $0.229. In total, this drop could amount to nearly a 20% correction.
CRO/USDT 1-day chart
While things are looking down for CRO, a daily candlestick close above $0.376 will indicate a resurgence of buyers and alleviate the bearish thesis for Crypto.com price. Such a move will flip the said barrier into a support level, allowing buyers to set a higher high above $0.497 and trigger an uptrend.
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.