- Crypto.com price fell impulsively through a barrier.
- CRO price has broken the 8 and 21 day simple averages.
- Nullifying the bearish theory is a breakout above the large engulfing candle at $0.12.
Crypto.com’s CRO price shows a bearish technical showing a new discovery that worries Merritts. Key levels are defined.
Crypto.com Price Points South
Crypto.com’s recent price drop may not be an ordinary sale. On September 16, the bears successfully created a closing candle below the 8-day and 21-day simple moving averages. Below is the breach of the apex of the previous triangle. This is an important bearish gesture under auction market theory as the triangle was the catalyst before a summer bull run.
The price of the CRO in current auctions is $0.1093. A rebound towards the recently breached top and a pick-up in volume. This can be attributed to short positions entering the market when the breached barrier is retested. If the technical factors are correct, a decline of a value equal to the height of the initial drop in September could occur. Such a move would target the $0.08 level for a 20% decline.
Nullifying the bearish thesis causes the four-hour candle to close above the large engulfing candle that broke through the top of the triangle at $0.012. If the bulls manage to block this level, they could drive an additional short-term rally towards 0.14, resulting in a 26% increase over the current CRO price.
In the following video, our analysts dive deep into the CRO price action, analyzing key levels of interest in the market. -FXStreet Team