Last quarter forecasts from US banks spell trouble for Crypto.com coin price action

• The Crypto.com coin is seeing bulls battle, but they may be in for only a short period of time.
• The CRO price is set to correct as several US banks issued worsened forecasts and outlook for the last quarter of 2022.
• Expect to see a drop to $0.08 as more outflows are set to occur.

Crypto.com coin (CRO) price action is bulls not giving up their positions and trying to fight the bearish price action that is holding cryptocurrencies. Although the CRO price has been able to post four consecutive days of gains, any euphoria may be short-lived. Several US banks came out predicting that cash is the best option going into the last quarter of 2022. This means that many investors are going to pull out their money and drain the capital support for cryptocurrencies with another collapse unfolding.

CRO price set to be drained

The Crypto.com coin price sees bears being pushed towards the monthly pivot at $0.1290 and looks set to break back above the 55-day Simple Moving Average to possibly re-test the $0.1598, which failed on August 3rd. That’s as far as good news goes for this short-term forecast, as a cash withdrawal could be triggered anytime soon. Not only is seasonality set to kick in, with September being the worst month for cryptocurrencies in five years, but amid the current issues of inflation and rising prices, investors and traders may want to set aside money to pay for household bills. instead of venturing into trading cryptocurrencies.

On the flip side of that, the CRO price may start to slide as cash is withdrawn with constant selling pressure overshadowing the price action. First up is the red line at $0.1107 which is the benchmark that must capture and hold any price decline. If that doesn’t hold, expect to see the CRO situation further deteriorate towards $0.080, which falls in line with the monthly S1 support from July and the monthly S3 for August, with a 40% decline.

CRO/USD Daily Chart

On Friday, the Fed Jackson Hole Symposium will take place with Fed Chairman Jerome Powell on stage. Markets will be hanging on Powell’s lips for possible hints that rate hikes will plateau, or perhaps even potential rate cuts that could happen. That would present a goldilocks scenario where stock markets would rise significantly, and the positive tailwind of the Nasdaq would push cryptocurrencies higher overall. Translated into CRO price action, that would mean a possible break above $0.1598 and hit $0.20 on the upside, holding close to 60% of the gain.