2023-1-4 18:00 |
The Crypto.com (CRO) price has broken down from a crucial horizontal support area. The trend is considered bearish until it reclaims it.
The CRO price has decreased inside a descending parallel channel since reaching an all-time high of $0.955 in Nov. 2021. The downward movement led to a minimum price of $0.053 in the following Nov.
The low validated the channel’s support line and seemingly initiated a bounce (green icon). However, the CRO price was unsuccessful in maintaining it.
Next, CRO broke down from the $0.062 horizontal support area. This is a crucial area since it had previously acted as both resistance and support (red, green icons) since early 2020.
As a result, until the CRO price reclaims it, the trend is considered bearish. If it does not, the continuation of the downward movement toward the channel’s support line at $0.037 is the most likely price forecast.
The weekly RSI is bearish, supporting the possibility of a decrease. The indicator is falling, is below 50 and has not generated bearish divergence.
As a result, as long as the price is trading below the $0.062 horizontal resistance are, the CRO price forecast is bearish.
CRO/USDT Weekly Chart. Source: TradingView CRO Price Trades in Bearish PatternThe technical analysis from the daily chart shows that CRO has followed a descending resistance line since Nov. 13. When combined with the $0.056 horizontal support area, this created a descending triangle, which is considered a bearish pattern.
A breakdown that travels the entire height of the pattern (black arrow) would take the CRO price to $0.039. This would align with the support line of the long-term channel.
On the other hand, a breakout above the resistance line could take CRO to $0.075. Since this would mean that the price reclaims the $0.062 area, it would also have bullish implications for the long-term trend.
CRO/USDT Six-Hour Chart. Source: TradingViewTo conclude, whether the Crypto.com price breaks out or down from the descending triangle will likely determine the direction of the future trend. Due to the bearish weekly readings, a breakdown is more likely.
For BeInCrypto’s latest crypto market analysis, click here.
The post Crypto.com (CRO) Price May Dip Further in Search of Support appeared first on BeInCrypto.
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