Crypto.com (CRO) price due for another leg down
Crypto.com (CRO) price fell below a minor support area. This could be the first step towards a larger and more significant price reduction.
CRO is the original token of the Crypto.com exchange. The CRO token price has fallen below 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 risen since then, validating the $0.060 horizontal area as support.
Despite the increase, CRO failed to break out from the resistance line. Rather, it declined after reaching a new yearly high of $0.095. Also, the weekly RSI is still below 50, a sign of a bearish trend.
Nevertheless, the CRO coin price made a higher low in March, validating the $0.060 support area again (green icon).
Whether the price breaks out of 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 drop to $0.030.
While the weekly chart presents a mixed outlook, the daily is decidedly bearish. The main reason for this is the loss of $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 rising support line is the most likely scenario. The line coincides with the previously mentioned support area at $0.060. Therefore, whether it bounces or breaks down can determine the future trend.
On the other hand, recovery of 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 a rise towards $0.118.
To conclude, the most likely CRO price forecast is a decline towards $0.060. 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 prediction. If so, the CRO price may increase to $0.118.
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