- Crypto.com’s price lost 35% from the $0.370 mark, testing the support at $0.249.
- A decisive move beneath the mentioned barrier might see CRO plummeting to the value area of $0.202.
- A daily candlestick closing beyond $0.376 will show buyers’ resurgence and cancel the bearish narrative.
Crypto.com showed resilience in holding its support barriers by buyers finally capitulated, translating to a massive crash between late sessions in April and early May. That saw CRO falling towards a substantial support barrier and appeared ready for more declines.
CRO Price Needs Buyers
Crypto.com has consolidated with the support at $0.376 since hitting its $0.975 all-time peak in November last year. This region acted as a buying momentum source where market participants purchased CRO at discounted prices, hoping for recoveries.
However, the 29 April session saw CRO breaching the mentioned barrier, losing approximately 38% to its current trading levels – $0.244. The massive fall had the alt ruining the crucial support floor at $0.249. Nevertheless, bulls showing up to drive Crypto.com beyond the mentioned barrier will rescue it from a bearish regime.
However, failure to revive might catalyze continued crashes, sending CRO towards the $0.202 lows. That would be logical as the token would fill the FVG (Fair Value Gap), stretching between $0.318 and $0.229. That would translate to a nearly 20% downside retracement.
Though things appear pessimistic for Crypto.com, a daily candle closing beyond $0.376 will confirm buyers’ resurgence and annul the bearish narrative for CRO price. That will overturn the mentioned barrier from resistance to support, enabling buyers to create a higher peak beyond $0.497 and catalyze an upside trend.
Meanwhile, Crypto.com’s downside thesis comes as the overall market sees a bloodbath. The crypto space continued to weaken over the past day as bears remained in front seats. While writing this blog, the cumulative value of all digital assets stood at $1.50 trillion, losing 5.86% over the past day. Also, Bitcoin extended its leg-down, surrendering 5.59% to $32,837. Such conditions will see Crypto.com dropping to its targeted lows without hassle.
What are your views about the dominant bearishness in the crypto markets? Leave a reply below.
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