2023-3-30 14:00 |
The Crypto.com (CRO) price failed to break out from an important resistance area and is decreasing toward its closest support.
CRO is the native token of the Cronos chain, an open-source blockchain developed by the Crypto.com exchange. It was founded by Kris Marszalek. The CRO price has fallen under a descending resistance line since reaching an all-time high of $0.955 in November 2021. The decrease led to a low of $0.053 in November of the next year.
While the price has increased since, it failed to break out from the long-term descending resistance line. Despite failing to break out, CRO validated the $0.065 horizontal area as support (green icon). As a result, the price is approaching the confluence between the resistance line and the $0.065 horizontal support area. At that time, a decisive movement is expected to occur.
If the Crypto.com price breaks out, it could increase to the next resistance at $0.118. However, a fall to $0.035 could transpire if it breaks down.
While the weekly RSI is increasing, it is still below 50 and has not generated any bullish divergence. As a result, it fails to confirm the trend’s direction.
CRO/USDT Weekly Chart. Source: TradingView Crypto.com (CRO) Price Fails to Break OutThe technical analysis from the daily time frame shows that the CRO price was rejected by the $0.073 resistance area on March 14 and 20 (red icon), creating long upper wicks after 24 hours each time.
The rejection also coincided with an RSI rejection from the 50 line and the bearish divergence trend line (green line). The failure to break out from these levels is considered a bearish sign.
As a result, the most likely outcome is a drop to the ascending support line in place since the beginning of the year. The line is currently at $0.063. Afterward, the reaction once it gets there could determine the future trend.
On the other hand, reclaiming the $0.073 area would invalidate this bearish forecast. In that case, the price could increase to $0.087.
CRO/USDT Daily Chart. Source: TradingViewTo conclude, the most likely CRO price forecast is a drop to the ascending support line at $0.063. A close above $0.073 would invalidate this bearish outlook. In that case, the CRO price could increase to $0.087.
For BeInCrypto’s latest crypto market analysis, click here.
The post Crypto.com (CRO) Price Looks Set to Fall After This Bearish Signal appeared first on BeInCrypto.
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