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Home Technology Crytpocurrency

Crypto.com Sellers In Control, CRO Positioned For A Possible Move To $0.30 – FXStreet

cryptocom-sellers-in-control,-cro-positioned-for-a-possible-move-to-$0.30-–-fxstreet
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  • Crypto.com price develops a bearish continuation pattern on its daily Ichimoku chart.
  • Selling pressure mounting as CRO dips below the Ichimoku Cloud.
  • Minimal support structure present to prevent a sell-off.

Crypto.com price flashes multiple bearish signals as the regular trading week draws to a close. The early positive sentiment on Monday has been erased as bears take over and threaten new 2022 lows if the final support level fails.

Crypto.com price poised to drop another 30% to $0.30

Crypto.com price action shows a similar bearish continuation structure seen on Ethereum’s and other significant altcoins charts. The current bearish continuation pattern on CRO’s daily Ichimoku chart is a bear flag. The pattern was confirmed after a new swing high was formed at $0.446.

The $0.446 price level is the strongest resistance cluster for Crypto.com price. $0.446 contains the 50% Fibonacci retracement of the all-time high to the low of the monthly strong bar in November 2021, the daily Kijun-Sen, and the 2022 Volume Point Of Control.

There remains only one support level left on the daily chart for Crypto.com price: the Tenkan-Sen at $0.40. A close below $0.40 would position the Chikou Span below the bodies of the candlesticks and in open space, confirming an Ideal Bearish Ichimoku Breakout entry as well as a bear flag breakout entry.

image 637820137843598334

CRO/USDT Daily Ichimoku Kinkon Hyo Chart

Upon a close below $0.40, the target zone for bears is the 100% Fibonacci expansion at $0.30, just below the current 2022 low of $0.33. If bulls wish to invalidate the near-term bearish outlook, they must first achieve the difficult task of closing the Crypto.com price above $0.446.

The ultimate goal for bulls is a close above the Ichimoku Cloud (Senkou Span B) near the $0.51 value area. However, given the current risk-averse sentiment felt in all financial markets and CRO’s weak technical, a return to $0.51 does not appear to immediately likely.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

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