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Amid the recent sell-off in the crypto market, the Crypto.com token price plunged back to long-tested support of $0.55. Furthermore, the lower price rejection candles reverting from this support indicates the buyers continue to defend this horizontal level. Though a potential reversal from this support could raise the CRO price significantly, this coin will remain under bearish threat until the overhead trendline is intact.
Key Points:
- The CRO price bullish reversal signs at the $0.55 mark
- The downsloping EMAs(20, 50, and 100) could assist sellers in maintaining the ongoing downtrend.
- The 24-hour trading volume in the Crypto.com token is $272 Million, indicating a 66% gain.
Source-Tradingview
Over the past five months, the crypto.com native token Cronos formed a descending triangle pattern. In theory, this bearish pattern intensifies the selling momentum upon the breakdown of its neckline support.
Thus, on November 9th, the CRO price gave a massive breakdown from the neckline support of $0.1. This sell signal from technical setup aligned with the recent bloodbath in the crypto market triggered by the crypto exchange FTX collapse, causing a significant downfall in Cronos price.
Thus, the post-retest downfall plunged the prices by 42% to the hit December 2020 bottom support of $0.055. However, the Cyrpot.com token price currently trades at $0.067 and rebounds from the aforementioned support zone.
Moreover, the long-wick rejection on the last two days’ candle indicates the buyers are accumulating at this support. However, a bullish reversal from the $0.055 support will be considered a minor relief rally, with the overall market trend still bearish.
Thus, the potential bullish reversal could retest the $0.0.8 to $0.1 barriers with sustained buying.
Technical Indicator
RSI indicator: the daily-RSI slope on the verge of dropping into the oversold region indicates the excess selling from traders, which eventually attracts more buyers to buy tokens at discounted prices.
Bollinger band: the falling price breached the lower band of the indicator, accentuating the aforementioned throat for the aggressive downfall and the need for price recovery to stabilize the token price.
Crypto.com intraday price levels
- Spot price: $0.0679
- Trend: Bullish
- Volatility: High
- Resistance level- $0.08 and $0.1
- Support level- $0.055 and $0.04
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