TL;DR Breakdown
- Crypto.com price analysis is bearish for today.
- CRO/USD spiked to $0.45.
- Selling pressure returned over the past hours.
Crypto.com Coin price analysis is bearish today as the market was met with heavy selling pressure after a quick spike to $0.45. Therefore, we expect CRO/USD to reverse and retrace lower again later today.
The cryptocurrency market traded mostly with bullish momentum over the last 24 hours. Bitcoin gained slightly over 6 percent, while Ethereum up by 3.09 percent. Meanwhile, Crypto.com Coin (CRO) is among the top performers, gaining over 16 percent.
Crypto.com price movement in the last 24 hours: Crypto.com regains bullish momentum after finding support at $0.32
CRO/USD traded in a range of $0.3485 – $0.4232, indicating strong volatility over the last 24 hours. Trading volume has increased by 191.37 percent and totals $895.9 million, while the total market cap trades around $10.225 billion, ranking the coin in 23rd place overall.
CRO/USD 4-hour chart: CRO rejecting further upside, another retracement to follow?
On the 4-hour chart, we can see selling pressure returning as soon as the Crypto.com coin price reached the $0.45 mark, indicating further downside will follow later today.
Crypto.com Coin price has seen strong growth at the beginning of November. With the bullish momentum beginning late November, CRO/USD saw exponential growth during the first of last week, leading to a new all-time high set at $0.50.
However, strong rejection followed, pushing CRO to the $0.32 mark, meaning a retracement of around 35 percent. Recovery started late yesterday, with a rapid upside momentum overnight, leading CRO/USD to the $0.45 mark.
Strong selling pressure resumed from there, pushing the Crypto.com Coin price back lower. Currently, we see the $0.40 mark tested, with further downside likely to follow as selling pressure persists.
Crypto.com Price Analysis: Conclusion
Crypto.com price analysis is bearish for today as we expect another retracement after strong selling pressure returned after a test of the $0.45 mark. Therefore, CRP/USD is likely headed lower toward the previous support at $0.32.
While waiting for Crypto.com to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.
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