Crypto.com (CRO) price decision time
Crypto.com (CRO) price failed to break out of a key resistance area and is falling towards its nearest support.
CRO is the initial symbol of the Cronos chain, an open source blockchain developed by the Crypto.com exchange. It was founded by Kris Marszalek. The CRO price has fallen below a descending resistance line since reaching an all-time high of $0.955 in November 2021. The decline led to a low of $0.053 in November next year.
While the price has rallied since then, it failed to break out of the long-term descending resistance line. Despite failing to break out, the CRO validated the $0.065 horizontal area as support (green icon). As a result, the price is approaching the confluence between the resistance line and the horizontal support area at $0.065. At that point, a decisive movement is expected to occur.
If Crypto.com price breaks out, it could rise to the next resistance at $0.118. However, a drop to $0.035 could happen if it breaks down.
While the weekly RSI is rising, it is still below 50 and has not generated any bullish divergence. As a result, it fails to confirm the direction of the trend.
The technical analysis from the daily timeframe shows that the CRO price was rejected by the $0.073 resistance area on March 14 and 20 (red icon), creating long upper weeks after 24 hours each time.
The rejection also coincided with an RSI rejection from the 50 line and the bearish divergence trend line (green line). The failure to break out of these levels is considered a bearish sign.
As a result, the most likely outcome is a fall to the ascending support line in place since the beginning of the year. The line is currently at $0.063. Afterwards, the reaction when it gets there can determine the future trend.
On the other hand, recovery of the $0.073 area would invalidate this bearish forecast. In that case, the price may increase to $0.087.
To conclude, the most likely CRO price forecast is a fall to the ascending support line at $0.063. A close above $0.073 would invalidate this bearish outlook. In that case, the CRO price may increase to $0.087.
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Disclaimer
In line with Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, objective reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
