The Crypto.com (CRO) price fell below a minor support area. This could be the first step toward a larger and more significant price decrease.
CRO is the native token of the Crypto.com exchange. The CRO token price has fallen under a long-term descending resistance line since reaching an all-time high price of $0.955 in November 2021. The downward movement led to a low of $0.053 in November 2022. The price has increased since, validating the $0.060 horizontal area as support.
Despite the increase, CRO failed to break out from the resistance line. Rather, it was rejected after reaching a new yearly high of $0.095. Moreover, the weekly RSI is still below 50, a sign of a bearish trend.
Nevertheless, the CRO coin price created a higher low in March, validating the $0.060 support area again (green icon).
Whether the price breaks out from the resistance line or falls below the $0.060 area instead could determine the future trend. A breakout could take the crypto.com price to the $0.118 resistance area, while a breakdown could catalyze a sharp fall to $0.030.
While the weekly chart presents a mixed outlook, the daily one is decisively bearish. The main reason for this is the loss of the $0.073 horizontal area and its validation as resistance (red icon). This also coincided with an RSI rejection from the 50-line (red circle) and bearish divergence trend line (green).
As a result, a drop to the short-term ascending support line is the most likely scenario. The line coincides with the previously mentioned $0.060 support area. Therefore, whether it bounces or breaks down could determine the future trend.
On the other hand, reclaiming the $0.073 area would mean that the CRO price has also broken out from the long-term descending resistance line. As a result, this could catalyze an increase toward $0.118.
To conclude, the most likely CRO price forecast is a fall toward $0.060. The reaction once it gets there could determine the future trend. On the other hand, reclaiming the $0.073 area would invalidate this bearish prediction. In that case, the CRO price could increase to $0.118.
For BeInCrypto’s latest crypto market analysis, click here.
BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.