Crypto.com coin price analysis: CRO/USD to dip to $0.42 in next 24 hours?

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TL;DR Breakdown

  • Crypto.com Coin price analysis is bearish today.
  • CRO/USD has witnessed lower volatility.
  • CRO/USD is currently trading at $0.465.

Crypto.com coin price analysis is currently inside a descending channel, which will be broken down if support does not hold at $0.475. The nearest target for bears to reach is set at $0.30-$0.35.

CRO/USD might rebound within this descending channel rather than further down towards the $0.30-$0.35 area. If that is the case, it would be a good opportunity for bulls to buy at a lower price level, as they can expect a more substantial rebound.

Crypto.com Coin price movement in the last 24 hours: Bearish momentum

CRO/USD made a sharp sell-off yesterday, breaking below $0.45 and hitting an overnight low of $0.44. The price then pulled back a bit but is currently in a -$5 range from the overnight low, i.e., it continued to go down from there so far today.

Crypto.com coin price analysis: CRO/USD to dip to $0.42 in next 24 hours? 1
Source: TradingView

The chart above shows that CRO/USD had made two attempts at breaking out of falling wedge resistance before falling below $0.45 yesterday. There are now good chances that the price will retest the lower low set at $0.46 sometime over the weekend before making another attempt to break out of this falling wedge resistance.

The nearest target for bears to reach is set at $0.30-$0.35. Another higher low could be set on or around the daily support level of $0.475 as it had been acting as good support until now and was tested already during the previous week after some occasional bounces from there. To confirm that the sell-off from yesterday’s high is over, CRO/USD needs to first break above resistance at $0.534. Then those higher highs might put a significant tailwind behind a rally towards resistance levels between $1-$2 if the current pattern becomes the one we use to define Crypto.com Coin price.

CRO/USD now has resistance at $0.46 and support at $0.475 (the previous day’s high), which mark reversal points for tomorrow’s intraday trading. The hourly chart below shows that CRO/USD broke through the morning cloud on Thursday but pulled back into it after failing to break above its opening level of $0.4735, signifying that bears are still in control and pushing the price down.

CRO/USD has resistance levels of $0.46 and 0.534 but support levels of $0.475 and 0.45. Crypto.com Coin price will likely test the lower level, i.e., $0.475, before making another attempt to break out of the falling wedge resistance

CRO/USD now has resistance at $0.46 and support at $0.475, which mark reversal points for tomorrow’s intraday trading. The hourly chart below shows that CRO/USD broke through the morning cloud on Thursday but pulled back into it after failing to break above its opening level.

CRO/USD 4-hour chart: CRO to dip further?

The hourly RSI is below 50 and dropping, i.e., the bears are in control of CRO/USD at this point. Let’s look at the candlestick arrangement on the chart. We’ll notice that it’s a bearish ‘Three lines’ pattern, with the third line being the reason for our bearish Crypto.com Coin price forecast today as it indicates that there was no momentum behind this pullback from $0.45 yesterday. CRO/USD might continue towards the $0.30-$0.35 area after a small bounce from support at $0.475.

Crypto.com coin price analysis: CRO/USD to dip to $0.42 in next 24 hours? 2
CRO/USD 4-hour chart. Source: TradingView

The Bolinger bands are showing price compression at the moment, leading to a sideways move that is beginning to look like range-bound action. There may only be one more downwards push left in this pair, just as there was on Tuesday and Wednesday.

The recently-broken support line now becomes resistant, with the previous high acting as the first hurdle of resistance for traders looking to enter long positions. A break above $0.475 could see CRO/USD run up to around $0.50 again before facing further strong resistance between $1 and $2 per coin.

Crypto.com Coin Price Analysis: Conclusion 

CRO/USD trades at $0.4550 on Binance, holding above its lower support level of $0.45 – a level that was tested several times before by the daily Crypto.com Coin price chart and held every single time until now – which increases the probability of a downwards continuation from here as last week’s high at 0.534 has yet to be broken and should therefore not be taken as support by traders looking to buy at current prices.

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.