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Over the last few days or so, Crypto.com (CRO) has seen quite some uptrend, recovering sharply from the January lows. Although overall the broader crypto market is recovering, it seems like CRO is slowing. But how far can it actually fall? Here are some highlights:
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At the time of writing, CRO was trading for $0.4241, up around 13% over the past 7 days.
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We expect the current bullish run to slow around its 50- and 100-day Simple moving average of around $0.5.
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Downside pressure could push CRO towards the next support zone of $0.316, a sharp fall from the current high.
Data Source: Tradingview.com
Crypto.com (CRO) – Price action and analysis
After the flash crash in the crypto market this month, one token that has rebounded faster and more sharply than anything else is CRO. It’s been more or less a V shaped price action where the price has rebounded almost instantly after hitting January lows.
In fact, since it bottomed at around $0.324, the coin has surged by over 35%. We still think that this rally is not yet done, in fact, there is still enough gas to push the token towards its 50- and 100-day SMAs.
This will bring CRO to around $0.5, over 12% of the current price. But $0.5 has often proved a massive resistance level for the token. It’s highly unlikely that the current bullish uptrend will take it above that. In fact, CRO may fall further before it consolidates and shoots up again.
Should you buy Crypto.com (CRO)
Crypto.com is a major exchange with a very big brand. It has been making some outstanding moves to bring more traders to its platform as well. So, as a long-term investment asset, it is worth having. Short-term speculators can also try to ride the current upward wave but make sure to exit at $0.5 or thereabout.
This article first appeared at CoinJournal: Home
