- The price of Crypto.com is currently hovering above equal lows formed at $0.0985 after an 89 percent downtrend.
- Investors can expect a break of the $0.0985 lows, followed by a retest of the $0.0922 support.
- A daily candle close below $0.0922 would disprove the bullish CRO thesis.
The price of Crypto.com reacts weakly to fundamental events related to the company. This lack of response can be attributed to the current market conditions, which are mostly bearish and have been going on for almost a year now.
However, cryptocurrency platform Crypto.com has invested $145 million in France to “support the establishment of its trading platform, including its regional headquarters in Paris.” The company also said it would hire local talent to demonstrate its long-term commitment to France.
On the other hand, the CRO token does not seem to be in the best shape as its value continues to drop.
Crypto.com price needs a few more adjustments
The price of Crypto.com has lost 89% of its value from its all-time high of $0.954. This massive downtrend is in line with the overall market outlook. But lately, this downtrend has slowed down, leading to consolidation.
With CRO hovering around $0.1000, investors should pay close attention to its lows at $0.0985 and support at $0.0922. Crypto.com price will continue to make lower lows and retest these levels in the near future, while the Relative Strength Index (RSI) has made higher lows.
This movement between the price and the RSI lows moving away from each other is called a bullish divergence and often results in an explosion in the value of the underlying asset, which in this case is the price of Crypto.com.
As such, investors should expect a retest at $0.0922 followed by a quick rise to $0.1250, up 25%.
CRO/USDT 1-day chart
On the other hand, if the price of Crypto.com fails to hold above the $0.0922 support level, this will invalidate the possibility of a reversal or bounce. This event could push CRO further down to $0.0804.
The video attached below talks about the price of Bitcoin and its potential prospects, however, it remains relevant as it may affect the price of Crypto.com.