Crypto.com price continues to trade near the lows it suffered during last week's sell-off. While the great majority of major cryptocurrencies have made more than 40 to 50% moves from their flash crash lows. On the other hand, CRO may be positioned for another major drop.
Crypto.com price is sitting right inside an extremely powerful Volume Profile support level. The $0.16 to $0.20 price range is the second-highest volume node in the 2022 Volume Profile and the second highest in the 2021 Volume Profile.
If support holds, then Crypto.com price would likely have enough of a support base to push towards the first resistance cluster near $0.40. $0.40 contains the 2022 Volume Point of Control, the Ichimoku Cloud, and the 50% Fibonacci retracement level.
CRO/USDT Daily Ichimoku Kinko Hyo Chart
The greatest threat to CRO is a close at or below $0.14. The 2021 Volume Profile has a significant gap between the Volume Point of Control at $0.075 and $0.14. The oscillators don't give a clear direction regarding the likelihood of any break. Oddly, there is a difference in extremes between the Relative Strength Index (at an extreme low) and the Composite Index (at a swing high).
Some fundamental considerations for anticipating CRO's next move is related to the continued frustration with changes to its staking rewards for its cardholders. Crypto.com price has historically shown extreme sensitivity to any changes in staking rewards.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
AXS price hints at one more drop in price. If the technicals are correct, a target could be reached at $15. Axie Infinity price is currently coiling into what appears to be a triangle consolidation. The triangle could be considered a wave four within the steep declining rally that wiped 40% of profits since May.
Litecoin price hovers around $72.8, eyeing a quick reversion to the mean. Investors can expect LTC to trigger a 30% ascent if it can mow through the $82.3 hurdle. A decisive daily candlestick close below $64.6 will invalidate the bullish thesis.
MATIC price action has consolidated over the past three days. Further upside movement has been rejected against the Tenkan-Sen within the Ichimoku Kinko Hyo system. However, long and short opportunities now exist.
Algorand price is failing to establish bullish momentum following the severe decline and capitulation event into the lows at $0.36. ALGO could begin heading to complete a b wave triangle.
Bitcoin price shows interesting setups from multiple time frames that hint at a confluence. This convergence occurs for the short-term bullish outlook as well as the macro bearish scenario for BTC.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.