Crypto.com (CRO) Price Bearish Outlook Intensifies

A short-term support area rejected the Crypto.com (CRO) price, potentially initiating a downward move.

CRO is the original token of the Crypto.com exchange. The CRO token price has been falling below a long-term descending resistance line since November 2021, when it reached an all-time high of $0.955. The fall culminated with a low of $0.053 in November 2022. The subsequent rebound validated the $0.060 area as support and started the current upward movement.

However, the CRO price has yet to break out from the aforementioned resistance line. Recently, the line caused a decline in February (red icon). Afterwards, the CRO price bounced to the $0.060 support area, creating a higher low (green icon).

So the price is now trading near the convergence of the long-term resistance line and the $0.060 support area. Whether it breaks out or down can determine the future trend. A breakout could take the Crypto.com price to the next resistance at $0.118, while a breakdown could initiate a quick decline to $0.030.

The weekly RSI is rising but is still below 50, giving a fairly neutral reading.

The technical analysis from the weekly timeframe presents an indeterminate trend. However, the daily is definitely bearish. On March 14, the CRO coin price created a long upper wick (red icons), which confirmed the horizontal area of ​​$0.073 as resistance. It did the same for the last 24 hours. The weeks are considered signs of selling pressure and the fact that the price dropped below the $0.073 area again are both considered bearish signs.

This rejection also coincided with a bearish RSI reading. The indicator was rejected by the 50 line (red icon) and failed to break out from its bearish divergence trend line. Both are considered bearish signs.

Therefore, the most likely scenario is a drop to the short-term rising support line. The line is close to the previously outlined support area at $0.060.

Alternatively, a retake of the $0.073 area would mean that Crypto.com price has also broken out of the long-term descending resistance line. So that could initiate a rally towards $0.118.

To conclude, the most likely CRO price forecast is a fall to the $0.060 support area. Whether the price breaks down from it or bounces can determine the future trend. Regaining the $0.074 resistance area would invalidate this bearish forecast and could catalyze an upward move towards the long-term resistance line at $0.084.

For BeInCrypto’s latest crypto market analysis, click here.