- Crypto.com Coin fell by 21% during the intraday session
- The token got affected by the market-wide crash and is near to its 24-hour low price mark
- CRO’s current market price saw a drop in its value by 7.8% since yesterday’s closing price
Crypto.com Coin, or CRO, is currently facing heat from the bears as they have taken over the market. The current market price of the token fell due to a market correction in the last couple of hours. The market cap of the token went down by 21%. The trading volume in the last 24-hours shot up by 71% due to the selling action of panic sellers. The volume to market cap ratio comes out to be 0.04348. The CRO/ETH pair suffered from an intraday decrease of 7.04%, followed by the CRO/BTC pair with an intraday loss of 5.02%.
The 30-minute chart shows the downfall of the token. CRO’s candlesticks formed an inverted cup and handle pattern indicating the token’s bearish nature. The 50, 100 and 200 EMA lines are currently under the current market price candle as another sign of bearish momentum. They all have taken a downward turn and are resisting the current market price’s climb. The trend line (white line) creates a descending triangle with the support lines, which is bearish.
Oscillators indicate no stoppage to the current bearish rampage
The long-term prospect of the token diminishes due to its current rally if one refers to the 4-hour time frame chart. The MACD line is entirely under the zero level, and the signal line and the histogram is in the opposing plane. All these attributes of the oscillators confirm the current bearish trend. The RSI graph has entered the oversold zone and may continue to further down until CRO attains a stable price.
Resistance is at $0.656 and $0.766. The support levels are present at $0.379 and $0.485.
Conclusion- CRO may continue to suffer further unless the whole market stabilises. The current dip may not be a favourable point to enter the market as one cannot predict whether it’s the final dip or not. Till then, it would be better to wait for the current price action to stabilise before investing.
DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.