Crypto.com (CRO) Risks Massive Fall, 50% Correction Impending

  • com’s price appears ready for a massive crash, the prevailing chart pattern projecting a 50% retracement.
  • Support might appear at 200-day Simple Moving Average around $.031 before more correction.
  • Bulls might encounter challenges overpowering $0.46 if SOL buyers reverse the underperformances.

Crypto.com (CRO) had its price losing 18% after falling under a crucial defense line on 17 January. For now, the altcoin is at risk of dropping by 50% to explore the bearish prediction by the prevailing chart setup.

CRP Price Might Drop By Half

CRO witnessed its price slicing under the symmetrical pattern’s lower border on 17 January on the 24hr chart. The latest momentum weakness suggests a potential 50% crash towards the governing technical setup’s bearish target of $0.17.

Meanwhile, the Arms Index displayed a 1.61 reading, indicating more Crypto.com sellers in the marketplace than buyers. Remember, the metric gauges total market sentiment. Nevertheless, CRO has its initial defense line at the Momentum Reversal Indicator’s support line near $0.35. Additional support might showcase at 200-day SMA near $0.31.

CRO might also secure a dependable defense line near the 4 November low around $0.27 before falling to the 127.2% FIB extension mark near $0.22. Nevertheless, Crypto.com might secure a reliable footing at 1 November lows of $0.20 before declining to the bearish aim of $0.17.

Meanwhile, surging buying pressure will see CRO facing the initial hurdle near 78.6% FIB retracement mark around $0.40. Another obstacle might showcase at $0.46, the level where the prevailing chart pattern’s lower boundary, 61.8% FIB retracement zone, 21-day Simple Moving Average, and 100-day Simple Moving Average intersect.

The mentioned resistance might be challenging for bulls to overcome. But an additional surge in buy order might push the altcoin high towards the primary technical pattern’s topside border near $0.50, the level where 50-day Simple Moving Average intersects with 50% retracement area.

Nevertheless, CRO bears appear dedicated to dragging the token down. Moreover, the latest hack that left Crypto.com users in massive losses ruined the alt’s fundamentals and sentiment. A U-turn in the overall market can help CRO escape its bearishness. However, recovery attempts will meet challenges overpowering the $0.46 mark.

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