CRO price analysis: Crypto.com price crashes, falls by more than 18%

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TL;DR Breakdown

  • CRO price crashes by more than 18% on Thursday
  • The nearest resistance remains unbroken at $0.915
  • A retracement towards the $0.66 support level was witnessed

CRO price analysis is bearish for today as prices crashed. The Crypto.com Coin went soaring high in the past few weeks, destroying all the resistance levels in front of it. However, the 13th biggest cryptocurrency at the time of writing wasn’t able to retain its bullish dominance today.

Crypto.com’s price turned bullish after the announcement of the Staples Centre deal with AEG that was valued at $700 million. On Wednesday, the cryptocurrency made a new all-time high, rising as high as $0.9698 on some exchanges. However, currently, the coin is down by 20.7% from its all-time high.

The daily candle opened today at $0.937 and reached a daily high of $0.94439. However, after being rejected from this price level, CRO dropped to a daily low of $0.76, a decline of more than 18% in prices.

CRO price analysis using technical indicators

The CRO price analysis shows the onset of a huge bearish engulfing daily candle that is yet to close. However, if such a sell-off continues, the price fractal might turn bearish for the token.

The prices are still way above the 50-day and 100-day MA critical levels. This indicates a bullish long-term analysis as prices have indeed been quite bullish for the token. Furthermore, the token breached the upper edge of the Bollinger Bands a number of times, and it seems that the explosive Bands will now see some correction.

CRO price analysis
CRO price analysis on the chart by TradingView

The MACD indicator also confirms the bullish scenario with a greenish MACD histogram. The MACD line (the blue line) currently trends above the signal line (the orange line), which means that the sentiment is still bullish.

However, the RSI levels indicate the onset of huge selling pressure due to traders taking their profits and selling off their CRO tokens. This is indicated by the sharply negative gradient of the RSI line.

CRO price analysis: Crypto.com price crashes, falls by more than 18% 1
CRO price analysis on the chart by TradingView

Conclusion

Our CRO price analysis is concluded on a bearish note for today because the token was unable to move past the $0.9 resistance level. Contrary to the belief of the fans of the Crypto.com token, the bulls were unable to take CRO above $1, whose market cap currently rests at $19.4 billion.

This is in line with the advice given by a prominent cryptocurrency trader and analyst, Michaël van de Poppe, who is a known contributor at a major media outlet and the founder of Eleven Global, a cryptocurrency consultancy firm.

The trader warned his Twitter followers about investing in metaverse tokens like SAND, MANA, and also the Crypto.com Coin. This is because these tokens have already rallied by huge percentages in the past few days.