- Crypto.com’s price continues to decline to the downside with little support in sight.
- CRO is close to hitting new two-month lows.
- A price drop of more than 20% may be necessary before buyers are interested.
Crypto.com’s price was one of the best performing cryptocurrencies of the final quarter of 2021. Driven by strong fundamentals such as the renaming of the Staples Center as Crypto.com Arena, Crypto.com saw significant widespread attention to the CRO token. However, pressure from a news selling event continues to affect CRO’s current price action.
Crypto.com’s price is over 60% off from all-time highs made on November 27
CRO price action is in clear bearish momentum to the south. CRO is facing extreme pressure for the responsive sale of an Ideal Bearish Ichimoku Breakout entry within the Ichimoku Kinko Hyo system. Unfortunately, there is no support for Ichimoku until the $ 0.40 value area.
The Chikou Span is the final component on the Ichimoku daily chart that can provide a respite from increased selling pressure. However, that reprieve will likely come in the form of support at the top (Senkou Span A) of the Cloud directly below the Chikou Span within the $ 0.40 value area. Consequently, the CRO price would test the 61.8% Fib retracement to $ 0.40 at the same time.
Ichimoku CRO / USDT daily chart
If Crypto.com bulls want to invalidate the current bearish outlook, buyers should take Crypto.com to a close at least above the Tenkan-Sen at $ 0.53. Ideally, 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. That would also put the Chinkou Span above the candles and into an open space, limiting most of any other threats to the downside.