Crypto.com Coin (CRO) got back on many traders’ radars thanks to the way it handled the coronavirus crisis, which was going on an explosive 500% rally, after crashing briefly below the previous year’s lows at $0.025, that might have run its course at $0.18.
Year-to-date CRO chart
CRO had been moving persistently to the upside for the past five months without any sizable retracement to cool off the market. And now, after the bears have dealt a heavy blow to the cryptocurrency market in the last four days, a huge crack appeared on this previously smooth uptrend. In doing so, Crypto.com Coin has found itself in a tentative situation because after seeing the biggest trough in more than six months, another nudge in sellers’ direction might result in the meteoric drop of CRO’s value because the token didn’t establish any significant levels of support on its way to $0.18.
A quick glance at the weekly time frame tells us that the market had been pumped up by the buyers to the point of fracture, which has opened up wide last week.
1-week CRO/USDT chart
The price level at $0.075 is the closest what CRO now has to distinguishable support, meaning that in case the buyers decide to abandon this market, the price could take a massive 47% nosedive in a relatively short period of time. Considering the fact that the rejection began with a huge bearish engulfing candle that has bitten off 20% of CRO’s gains in a single move, the scales have now tilted considerably in bears’ favor.
It appears that Crypto.com Token has interim support at $0.145, the point where the market had revealed the only moment of indecision that might have gone the sellers’ way. However, it would be mighty hard to hold that level since MACD is already heading towards bearish crossover, although it’s too early to tell whether it would be a crossover or a bounce off the signal line, followed by the uptrend continuation.
Should the entire cryptocurrency market keep on flashing red for the next three to five days, CRO is likely to experience another episode of sharp price decline, with the grimmest scenario seeing it fall all the way to $0.075 and lose 45% of its current value at $0.1521. Even in that case, though, Crypto.com Coin would still draw the higher low and leave the uptrend intact. But if you don’t want to sit through the entire correction phase while having an active position in that market, you ought to have an exit strategy in place should the price start heading southward at full speed.
On the daily time frame, we have established another area of interim support, which lies at $0.12 where the price had been stalling a bit during the rally.
1-day CRO/USDT chart
MACD had been warning traders about the approaching pullback with a clear-cut bearish divergence. Now its main MA is below the zero line, so the bears are about to seize full control over this market. Since there are no distinctive signs of reversal near $0.145, we predict the further price decline with a short bounce to the upside once the price reaches $0.12, and MACD’s signal line gets rejected near zero.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||76%||49||$49 177.82||-7.92%||-10.53%||$929 035 044 566|
|2||ETH||Ethereum predictions||82.8%||34||$4 092.88||-2.38%||-0.69%||$485 446 527 829|
|3||BNB||Binance Coin predictions||81.2%||30||$563.52||-4.86%||-7.33%||$93 995 664 394|
|4||USDT||Tether predictions||95.6%||1||$0.999981||-0.03%||0%||$74 156 265 433|
|5||SOL||Solana predictions||72%||60||$203.61||-3.36%||4.31%||$62 231 324 330|
|6||ADA||Cardano predictions||67.6%||67||$1.42||-8.66%||-8.56%||$47 386 208 203|
|7||XRP||XRP predictions||71.2%||64||$0.847073||-8.28%||-10.87%||$40 021 926 228|
|8||USDC||USD Coin predictions||96%||2||$0.999590||-0.04%||-0.01%||$39 871 779 233|
|9||DOT||Polkadot predictions||61.6%||74||$29.29||-12.73%||-17.58%||$28 929 753 364|
|10||LUNA||Terra predictions||68%||62||$74.10||13.99%||67.51%||$28 735 392 986|
|11||DOGE||Dogecoin predictions||62.8%||71||$0.178634||-10.26%||-13.05%||$23 648 648 660|
|12||AVAX||Avalanche predictions||64%||74||$92.34||-12.64%||-18.20%||$22 411 255 216|
|13||SHIB||SHIBA INU predictions||63.6%||73||$0.000037||-7.81%||-5.02%||$20 467 328 342|
|14||CRO||Crypto.com Chain predictions||58.4%||83||$0.605372||-3.98%||-24.08%||$15 293 531 006|
|15||MATIC||Polygon predictions||69.6%||59||$1.99||-10.33%||22.67%||$13 980 255 925|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2021 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.