Crypto.com (CRO) Price Downtrend Expected to Continue

Crypto.com (CRO) price has fallen from a key horizontal support area. A trend is considered bearish until it recovers.

CRO prices have been falling within a descending parallel channel since reaching an all-time high of $0.955 in November 2021.

The low seems to have validated the channel’s support line and started a bounce (green icon). However, the CRO price failed to maintain.

CRO then broke out of the horizontal support area at $0.062. This is a key area as it has acted as both resistance and support (red, green icons) since early 2020.

As a result, the trend is considered bearish until the CRO price picks it back up. If not, a continuation of the downtrend towards the channel support at $0.037 is the most likely price prediction.

The weekly RSI is bearish, indicating a potential drop. The indicator is moving down, below 50 and no bearish divergence has occurred.

As a result, our CRO price forecast is bearish as long as the price is trading below the $0.062 horizontal resistance.

CRO price trading in a bearish pattern

A technical analysis on the daily chart shows that CRO has been following a falling resistance line since November 13th. Combined with the horizontal support area at $0.056, it creates a descending triangle and is considered a bearish pattern.

A breakdown moving the entire height of the pattern (black arrow) brings the CRO price to $0.039. This coincides with the long-term channel support line.

On the other hand, a breakout of the resistance line could see the CRO at $0.075. This will also have a bullish impact on the long-term trend as it means the price will retake his $0.062 territory.

In conclusion, whether Crypto.com price breaks out of the descending triangle or goes down may determine the direction of the future trend. A bearish weekly reading makes a breakout more likely.

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