- Crypto.com price trades below a descending trend channel.
- The Volume Profile indicator shows no sign of a bullish reversal.
- Early Invalidation of the downtrend could be a breach above $0.14.
Crypto.com is still a guessing game. Being an early bull can lead to detrimental losses.
Crypto.com price has bulls disengaged
Crypto.com price is in an unfortunate position. Since the sell-off from April highs at $0.50, the bulls have seen no pullbacks worth selling their losing investment into. The Crypto.com price has consolidated and declined for months with no retaliation from the bulls. In short, investors are avoiding engagement with cryptocurrency exchange tokens. If market conditions persist (based on a lack of upward volume), an additional 30% decline to $0.08 will be unsurprising.
Crypto.com price currently trades at $0.11, nearly 80% below the April highs. The bears managed to send CRO price below a descending channel and successfully conquered a retest of the channel during the final days of June. The CRO price currently stands just below the channel, which may inevitably lead to a second retest in the coming days.
CRO/USDT 2-Day Chart
Investors at a loss still holding the CRO price may want to consider holding out a bit longer, as a second retest could create the volatility needed to raise the CRO price. Confirmation of an uptrend rally can occur if the bulls manage to conquer the $0.14 zone. If this bullish event happens, a rally towards $0.28 could result in a 150% increase from the current market value. A rally to $0.28 should be considered a superb opportunity for investors to take profit and/or shave a losing position.
On the contrary, if the bears manage to breach the $0.10 zone, the bearish target at $0.08 will likely occur.
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.
Recommended Content
Editors’ Picks
Avalanche set to gain wider reach with its Stripe integration
Stripe makes another move by integrating AVAX and Core into its platform. Users can purchase AVAX directly on Stripe, along with dapps and NFTs. The partnership may stir traffic into the Avalanche ecosystem and cause more interest in web3.
BNB price risks a 10% drop as Binance founder and ex-CEO Changpeng Zhao eyes Tuesday sentencing
Binance Coin (BNB) price, like most altcoins, is dumping, with the one-day chart showing a defined downtrend. While the broader market continues to bleed, things could get worse for BNB price.
EigenLayer to launch airdrop in May following the introduction of the Eigen Foundation
EigenLayer announced it would launch season one of its airdrop on May 10. EIGEN tokens would play a key role in the recently introduced "intersubjective forking." Some crypto community members have expressed dissatisfaction with the airdrop vesting schedule.
Ethereum erases weekend gains as yearlong SEC investigation comes to light
Ethereum (ETH) began the week by posting losses of 4.2% on Monday after recent filings from Consensys revealed that the Securities & Exchange Commission (SEC) began formal investigations into ETH's security status since March 2023.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.