- The price of Crypto.com continues to decline with little support in sight.
- The CRO is set to hit new two-month lows.
- A price drop of more than 20% may be necessary before buyers become interested.
The price of Crypto.com was one of the best performing cryptocurrencies in the last quarter of 2021. With strong fundamentals like the Staples Center renamed Crypto.com Arena, Crypto.com has drawn the general public’s attention to the CRO token. However, the pressure of a news selling event continues to weigh on CRO’s current price action.
Crypto.com Price Reduced More Than 60% From All-Time Highs Reached November 27
CRO price action is in a clear downtrend towards the south. CRO faces extreme pressure from reactive selling from an ideal bearish Ichimoku breakout entry within the Ichimoku Kinko Hyo system. Unfortunately, no Ichimoku support exists up to the $ 0.40 value area.
The Chikou Span is the last component of the daily Ichimoku chart that may provide some breathing space from new selling pressure. However, this reprieve will likely take the form of top support (Senkou Span A) of the Cloud directly below Chikou Span in the $ 0.40 value area. Therefore, the CRO price would test the 61.8% Fibonacci retracement at $ 0.40 at the same time.
CRO / USDT Daily Ichimoku Chart
If Crypto.com bulls are to invalidate the current bearish outlook, buyers need to push Crypto.com to close at least above the Tenkan-Sen at $ 0.53. Ideally, the buyers would push the CRO to a close above the Tenkan-Sen, Kijun-Sen and 38.2% Fibonacci retracement around the $ 0.62 value area. It would also position the Chikou Span above the candlesticks and in open space, limiting the majority of any other downside threats.