A short-term support area rejected the Crypto.com (CRO) price, potentially initiating a downward movement.
CRO is the native token of the Crypto.com exchange. The CRO token price has decreased below a long-term descending resistance line since November 2021, when it reached an all-time high price of $0.955. The drop culminated with a low of $0.053 in November 2022. The ensuing bounce validated the $0.060 area as support and initiated the current upward movement.
However, the CRO price has yet to break out from the aforementioned resistance line. More recently, the line caused a rejection in February (red icon). Afterward, the CRO price bounced at the $0.060 support area, creating a higher low (green icon).
So, the price is now trading close to the convergence of the long-term resistance line and the $0.060 support area. Whether it breaks out or down could determine the future trend. A breakout could take the Crypto.com price to the next resistance at $0.118, while a breakdown could initiate a quick drop to $0.030.
The weekly RSI is increasing but is still below 50, giving a fairly neutral reading.
The technical analysis from the weekly time frame presents an undetermined trend. However, the daily one is definitively bearish. On March 14, the CRO coin price created a long upper wick (red icons), validating the $0.073 horizontal area as resistance. It did the same over the past 24 hours. The wicks are considered signs of selling pressure, and the fact that the price fell below the $0.073 area once again are both considered bearish signs.
This rejection also coincided with a bearish RSI reading. The indicator was rejected by the 50 line (red icon) and failed to break out from its bearish divergence trend line. Both are considered bearish signs.
Therefore, the most likely scenario is a drop to the short-term ascending support line. The line is close to the previously outlined $0.060 support area.
Alternatively, a reclaim of the $0.073 area would mean that the Crypto.com price has also broken out from the long-term descending resistance line. So, it could initiate an increase toward $0.118.
To conclude, the most likely CRO price forecast is a drop to the $0.060 support area. Whether the price breaks down from it or bounces could determine the future trend. Reclaiming the $0.074 resistance area would invalidate this bearish forecast and could catalyze an upward movement toward the long-term resistance line at $0.084.
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