Bitrabo Editorial
The price of CRO, the native token of Crypto.com, fell by almost 20% last week, much like many other altcoins. This was further exacerbated by the platform’s recent announcement of the shutdown of its US office, causing a severe decline in its market value. However, there are signals indicating a potentially bullish divergence via the weekly RSI.
CRO Price Suffers Steep 18% Decline in Past Week
In the past week, CRO’s price saw a significant drop of over 18%. It broke through the support zone of $0.0537-$0.06 and fell below it. By the end of the week, the token managed to close above the support level of $0.0537.
Despite this rebound, Cronos continues to trend downwards. The MACD continues to show a bearish decline for several weeks, with a chance of a bearish crossover in the MACD lines. On the other hand, the RSI indicates the potential for a significant bullish divergence, suggesting that Cronos could reach the next significant Fib resistance areas of $0.063 and $0.071 respectively.
Bearish Signals Dominate Daily Chart
On the daily chart, there are clear bearish signals. Though the RSI appears oversold, there are no bullish indications. The MACD histogram continues to decline in a bearish manner, with the MACD lines crossing in a bearish manner.
Moreover, the presence of a death cross in EMAs confirms the short to medium-term bearish trend. If Cronos rebounds, it may encounter additional resistance near $0.062 at the 50-day EMA.
4-Hour Chart Shows Death Cross
The 4-hour chart shows a death cross, further supporting the short-term bearish trend. However, the MACD histogram currently exhibits bullish momentum. The MACD lines are close to crossing in either a bullish or bearish manner.
Cronos Price at Risk of a Potential Drop
Should Cronos break through its current support, it could potentially retreat to its all-time low (ATL) of $0.024, indicating approximately a 55.6% downside potential.
However, the monthly chart’s MACD histogram still shows a bullish trend reversal, albeit with overall bearish expectations and limited upside potential in the near term.
BTC Comparison: Cronos Price Faces Downside Risk
Against BTC, CRO continues its downward trend, potentially dropping 27% further to support between approximately 0.0000015 BTC to 0.0000017 BTC.
The monthly chart’s MACD histogram still shows some bearish tendencies, despite a bit of bullish inclination.
Disclaimer
As per Trust Project guidelines, this price analysis article is for informational purposes only and cannot be taken as financial or investment advice. At Bitrabo, we believe in accurate and unbiased reporting. However, market conditions may change without notice, which can impact the analysis results. Always conduct your own research and seek a professional’s advice before making any financial decisions.