Crypto.com (CRO) Price Downtrend Set to Continue

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Crypto.com (CRO) price broke down from a crucial horizontal support zone. The trend is considered bearish until it recovers.

CRO price has been declining inside a descending parallel channel since hitting an all-time high of $0.955 in November 2021. The downward movement led to a minimum price of $0.053 the following November .

The low validated the channel’s support line and apparently initiated a rebound (green icon). However, the CRO price failed to sustain it.

Then, CRO broke down from the $0.062 horizontal support zone. This is a crucial area as it previously served as both resistance and support (red, green icons) since early 2020.

As a result, until the CRO price recovers it, the trend is considered bearish. If not, a continuation of the downward move towards the channel support line at $0.037 is the most likely price prediction.

The weekly RSI is bearish, supporting the possibility of a decline. The indicator is falling, is below 50 and has not generated a bearish divergence.

Accordingly, as long as the price is trading below the $0.062 horizontal resistance, the CRO price prediction is bearish.

CRO/USDT weekly chart. Source: TradingViewCRO Price Trades in a Bearish Pattern

Technical analysis of the daily chart shows that the CRO has been following a descending resistance line since November 13th. Combined with the $0.056 horizontal support zone, this created a descending triangle, which is considered a bearish pattern.

A spread that runs the full height of the pattern (black arrow) would take the CRO price to $0.039. This would line up with the long-term channel support line.

On the other hand, a break above the resistance line could take the CRO to $0.075. Since this would mean the price reclaiming the $0.062 area, this would also have bullish implications for the long-term trend.

CRO/USDT six-hour chart. Source: Trading View

To conclude, whether Crypto.com price breaks out or descends from the descending triangle will likely determine the direction of the future trend. Due to the bearish weekly readings, a breakdown is more likely.

For the latest crypto market analysis from BeInCryptos, click here.

Disclaimer

BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for missing facts or inaccurate information. You comply and understand that you must use this information at your own risk. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.

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