Crypto.com continues to look weak, CRO could drop another 20%

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Crypto.com’s price remains under considerable pressure after Thursday’s selloff. Recovery reduced to zero in Friday’s trading session. A deeper retracement could be ahead for CRO.

Crypto.com’s price action looked extremely bullish and bullish on Tuesday and Wednesday, closing more than 10% higher. On Thursday, however, continued selling pressure was seen with the day’s close tying the low. Friday’s price action was remarkably flat, but the directional bias remains bearish.

Crypto.com price straddles final support structure before falling to $0.37

Crypto.com price action flirts with the idea of ​​falling. Participation in Friday’s trading session was very low, with little movement in the overall price range traded. Thursday’s rejection against the Tenkan-Sen gave a close below Wednesday’s open, signaling a very bearish event. However, the bears did not follow.

The 50% Fibonacci retracement at $0.445 continues to be the main support zone for the CRO price. Failure to hold support at $0.445 would likely send Crypto.com down to $0.37, where a high volume node and the 61.8% Fibonacci retracement exist. The Relative Strength Index and Composite Index oscillators support downward movement, but the Optex Bands oscillator does not. The Optex Bands oscillator is in extreme oversold conditions – but that is the only oversold variable present.

From a bullish perspective, buyers could eliminate any short-term bearish outlook by pushing the price of Crypto.com to a close at $0.53. In this scenario, the CRO would be above the 38.2% Fibonacci retracement and the Tenkan-Sen. More importantly, the Chikou Span would be positioned above the candlesticks.

CRO/USDT Daily Chart Ichimoku Kinko Hyo

A clear and undeniable uptrend could only occur when Crypto.com price hits a daily close above the Cloud – the lowest price level CRO is expected to hit is $0.72 – very away from the current value area.

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