What next for Crypto.com (CRO) after a 7-day blood bath?

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Crypto.com (CRO) is simply in shambles. After a massive 7-day rout that saw the token lose nearly 25% in value, CRO is still in the eye of the storm. Any attempts to break the downtrend over the last few days have been met with massive downward pressure. So, what’s next for CRO? Well, here are some highlights.

CRO has shown some mild bullish signs in the last week but has largely been on a strong downtrend.

At the time of writing, the coin was trading at $0.4459, up about 1% in 24 hours but still down 22% for the week.

CRO is facing significant headwinds in the market albeit underlying fundamentals are outstanding.

Data source: Tradingview.com 

Crypto.com (CRO) – price action and prediction

CRO has shown some brief recovery over the last 24 hours, managing to post decent gains after a whole week in the red. But this is very mild and does not suggest anything. In fact, the token is firmly in decline. 

Any breakout can only come once we see a trend reversal around its $0.4224 support. Also, CRO must break past its overhead resistance of $0.4846. At the time of writing, the coin was trading at around $0.4459. 

With increasing bear pressure from the wider market, it is unlikely that CRO will surge past overhead resistance in the near term. In fact, if downside pressure continues, the token could sink to as low as $0.3151.

Should you buy Crypto.com (CRO)

Crypto.com, one of the leading crypto exchanges in the world, has expanded fast in recent years. In fact, the platform is putting more effort to bring institutional traders with deeper pockets into its exchange. 

It is therefore going places and as such, any investor should consider its native CRO token. Crpto.com (CRO) has always been a decent long-term asset to hold. Nothing has changed in underlying fundamentals, so you should definitely buy.

Source link By Motiur Rahman

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