(BTC) Bitcoin News TodayAltcoinCryptocurrencyNewsPrice Analysis

Here’s Why Crypto.com Could Plunge to $0.20 – Price Outlook

  • 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.

📰 Also read:  Republican Party Secures Majority in U.S. Congress, Says Elon Musk

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.

📰 Also read:  Harris Campaign Accused of Coordinated Efforts to Sway Public on X Platform

What are your views about the dominant bearishness in the crypto markets? Leave a reply below.

Editorial credit: salarko / shutterstock.com


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Ethereum Crosses $3,000 Following 'Surprising Change' in Investor Sentiment

James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content