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Crypto.com (CRO) Price Looks Set to Fall After This Bearish Signal

2 mins
Updated by Kyle Baird
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In Brief

  • The Crypto.com (CRO) price is following a long-term descending resistance line.
  • It is facing resistance at $0.072.
  • The Crypto.com (CRO) price is following a short-term ascending support line.
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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.

Crypto.com (CRO) Weekly Price
CRO/USDT Weekly Chart. Source: TradingView

Crypto.com (CRO) Price Fails to Break Out

The 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.

Crypto.com (CRO) Price Movement
CRO/USDT Daily Chart. Source: TradingView

To 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.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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