Akash Girimath
FXStreet
Crypto.com price has been on a steep corrective move for more than five months. This correction sped up after the FOMC meeting on May 4 and took a nosedive on May 5. Since then CRO has shattered plenty of significant support levels and the primary driver of markets has been the UST-LUNA fiasco.
The UST depeg caused the stablecoin to spiral out of control, which caused a bank run. As a result, investors also rushed to redeem their UST to LUNA and sell it on the open market, leading to a massive crash in LUNA price as well.
These events together have caused many altcoins to fumble. On this point, the Crypto.com platform announced recently that it will be suspending trading for LUNA, MIR and ANC. The blog further detailed,
LUNA is no longer available for new Earn deposits or new loans within Credit. Existing LUNA Earn deposits remain unaffected.
Crypto.com price has undergone a bear market-style correction of 82% from its all-time high at $0.975 in November 2021. This massive downswing, as mentioned above, turned into a flash crash after the first weekend in May.
The immense correction is a result of the weekend market structure followed by a depeg in UST and LUNA connection. This development caused Bitcoin and hence the entire crypto ecosystem to undergo a massive crash.
As a result, Crypto.com price has sliced through the $0.376, $0.249 and the $0.202 support levels in under two weeks or so. However, considering the recovery rally seen in altcoins, CRO is also prepping for one.
The relief rally could be successful if CRO manages to flip the $0.202 hurdle into a foothold. Such a development will allow Crypto.com price to surge 20% and tag the immediate hurdle at $0.249.
Due to the fragile nature of the markets, this level is where the upside is likely capped for CRO.
CRO/USDT 3-day chart
While things are looking up for Crypto.com price, the optimism is contingent on the bulls’ recovery above the $0.202 hurdle. Failure to do this could result in a negative outcome.
A daily candlestick close below $0.139 will invalidate the bullish outlook and trigger further crashes for Crypto.com price. This development could see CRO descend to the $0.093 support level.
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