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Crypto.com Coin Price Analysis: CRO/USD retest $0.50 support

TL;DR Breakdown

  • Crypto.com Coin price analysis is bearish today.
  • CRO/USD set another lower high over the weekend.
  • CRO heads to retest $0.50 support.

The Crypto.com Coin price is down today as we predict the downward trend to continue over the next few days. CRO/USD is expected to retest the $0.50 support before attempting to advance any further.

Crypto.com Coin price movement in the last 24 hours: bearish signals

The Crypto.com Coin price had a bullish start to the weekend as it set a new higher high at $0.72 on Saturday. However, the bulls could not hold on to the gains, and the price quickly reversed direction, eventually setting a new lower high at $0.64 on Sunday. Since then, the market has been in a downtrend and is currently trading at $0.61, down 2% from the previous day’s close.

Crypto.com Coin is currently in a strong downtrend that will likely continue over the next few days. The RSI has been in a downward trend and is currently indicating oversold conditions. The MACD is also in bearish momentum, likely to push the price towards the next support level at $0.50. The 100 EMA line indicates an overall downtrend from the time of writing.

In addition to this bearish momentum, a longer-term downward trend could also be in play as it had been following a very similar pattern since early September up until today. However, while one should not expect a breakthrough of the descending triangle anytime soon, we may see a breakout very soon and test the resistance at $0.72 before any further drops occur. This will depend on whether or not corrective rallies that have been building up since mid-September can break through overhead resistance.

Crypto.com Coin price analysis 4-hour chart: CRO looks to retest $0.50

On the 4-hour chart, we can see that the Crypto.com Coin price is still bearish today, with bears eager to test the $0.50 support level again.

Crypto.com Coin price analysis
CRO/USD 4-hour chart. Source: TradingView

The price of Bitcoin has been weakening for several weeks. Compared to what we witnessed during November, the overall trading range has decreased in conjunction with the drop.

The swing low of $0.50 was hit on December 4th, along with the overall market decline. On December 6th, the support was retested, and another strong swing downward high was established at $0.65.

Since then, the value of the Crypto.com Coin has continued to fall, aiming to return to its $0.50 support level. As a result, we anticipate seeing more declines in the coming days. However, if bulls can gain momentum above the support level, at last, we may see a higher high made later this week.

Crypto.com Coin Price Analysis: Conclusion 

We believe that today’s analysis of Crypto.com Coin is bearish, with an anticipated further decline expected after a sustained fall since the end of the weekend. Before any upside is tested again, we expect CRO/USD to recover from the current levels above $0.50 by finding support above its previous support at $0.50.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.