- The price of Crypto.com impulsively broke through the barrier.
- The price of CRO broke the 8-day and 21-day simple moving averages.
- Confirmation of the bearish thesis is a break above the big engulfing candle at $0.12.
Crypto.com CRO price shows new bearish technical data that Merritts is worried about. Key levels are defined.
Crypto.com prices are in the south
Crypto.com’s recent price drop may not be a normal sell-off. On September 16, the bears managed to set a closing candle below the 8-day and 21-day simple moving averages. Then there was a breakout of the top of the previous triangle. According to auction market theory, this is a significant bearish move as the triangle was the catalyst for the summer bull run.
The CRO price is currently being auctioned for $0.1093. There was a bounce to a recently broken high and a slight increase in volume. This may be due to the entry of short positions into the market when the broken barrier is retested. If the technical readings are correct, there could be a decline in value equal to the initial bearish rally in September. Such a move would target the $0.08 level for a 20% decline.
The bearish thesis rebuttal closes the 4-hour candle above the big engulfing candle that crossed the top of the triangle at $0.012. If the bulls are able to break this level, they could trigger an additional short-term rally towards 0.14, resulting in a 26% increase from the current CRO price.
In the following video, our analysts delve deeper into CRO price action by analyzing key levels of market interest. -Team Netcost-Security