- Crypto.com might not escape further price declines amid the pessimistic chart formation.
- CRO awaits an 18% crash to $0.35 (according to a bearish technical pattern).
- Increased selling momentum will likely push the altcoin towards the $0.32 swing low.
Crypto.com (CRO) recently plunged under a crucial support floor and seemed ready for further downward movements. The alternative coin has created a bearish chart pattern, indicating further declines for the exchange alt. That can see CRO exploring the downside value region of $0.35.
CRO Bears Eye $0.35 Next
CRO price plummeted beneath the climbing wedge pattern’s lower boundary near $0.47. The formation projects a 26% drop to $0.35. Furthermore, Crypto.com declined under a crucial defense line beneath the plunging trend-line of the primary technical setup at $0.45. Keep in mind that the 38.2% FIB retracement mark and 21-day SMA plus 50-day Simple Moving Average interest at this level.
The following support area will appear at the 50% FIB retracement mark at $0.43, then near the 61.8% FIB retracement region around $0.40. Further selling strength might push Crypto.com lower to the 78.6% FIB retracement mark o $0.37 before CRO touches the pessimistic aim, matching the 200-day Simple Moving Average at $0.35. An additional surge in bearish momentum might see the altcoin plummeting towards the 22 January swing lows of $0.32.
Nevertheless, buying pressure resurgence will take Crypto.com towards the initial resistance area at $0.45. Surged buy orders can incentivize CRO bulls to target higher levels. That will see the alt hitting the governing technical pattern’s lower boundary at $0.47, corresponding with the 23.6% FIB retracement mark. Higher aspiration will eye the 100-day Simple Moving Average at $0.52, then toward the 5 January peak at $0.55.
While publishing this blog, Crypto.com changed hands with a bearish attitude at $0.4466, ranking 17 on the Coinmarketcap list. However, the altcoin remains primed for further drops. CRO price chart saw a bearish pattern that predicts an 18% downswing for the alt.
CRO’s drops match the broad market downside. The overall cryptocurrency market cap stood with a more than 5% overnight drop at $1.86 trillion. The looming war between Russia and Ukraine triggered downswings across the financial markets.
