- Crypto.com coin price action dips a mild 1% this morning in the ASIA PAC session.
- CRO price, however, reveals a painful rejection over the weekend.
- A dead-cat bounce is in the making and could see price action collapse back to $0.11.
Crypto.Com coins (CRO) price action sees this Monday morning bears storming out of the gates with the US futures all down and Nasdaq even down over 2%. With this dark tone, cryptocurrencies are taking a step back as well. On the technical front, CRO price has been rejected on a fundamental level and could see more losses being eked out during the week, so it is time to walk away and look at the Game of Thrones prequel House of The Dragon instead of the markets this week.
CRO price is breaking up its summer love
Crypto.com coin price has had a slight recovery over the weekend with bulls able to move against the current as the dollar strength was paused during the weekend with forex markets closed. In that space and absence of negative pressure, CRO staged a 5% recovery to $0.13. That is as far as the good news goes, as CRO bulls received a firm rejection on Sunday against the monthly pivot near that $0.13 level and saw their gains being paired back a bit with already over 1% of losses in early morning trading.
CRO price is thus at risk of further losing steam and dropping further once it breaks below the low of last week at $0.12. From there, it is only a few cents toward the monthly S1, and that red bottom line is marked up on the chart at $0.11. That barrier will be key because once that breaks down somewhere this week, roughly 20% of losses could be set forward as this year's low gets tested again at $0.10 and lower.
CRO/USD Daily chart
Financial markets are working towards a big catalyst event this week, probably one of the biggest for this year's central banking front. That is the famous Fed Jackson Hole symposium that will take place this Thursday and Friday, where several head central bankers will take the stage and will be able to channel additional comments toward the markets. Of course, the keynote speaker is Fed chair Jerome Powell who is set to speak on Friday afternoon. Should he bring some soothing comments, markets will rally on the back of that, with CRO price set to break above $0.13 and could be on its way to $0.16 in the blink of an eye.
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.