Crypto.com extends its downswings and appears ready to test level under the $0.43 support soon.
Crypto.com (CRO) currently tries to settle under a vital support mark of $0.43 and seems prone to further downswings if the broad market sustains the persisting bearish mode.
Multiple Negative Catalysts Plague CRO
Crypto.com platform recently denied rumors of losing assets worth over $15 million to hackers. However, the controversy appeared to add to CRO’s bearish outlook. The reports had the altcoin losing vital levels as it plunged.
Meanwhile, the crypto space has been bearish within the past sessions. However, losing the vital support zone of $42,600 deciphered to more pressure in the altcoin marketplace, translating to downswings by altcoin. The crypto market’s downbeat came as surging Treasury yields wounded risky assets.
Treasury yields have risen once more today as the market participates bet on massive rate surges from Federal Reserve. In such an atmosphere, crypto-assets remain prone to wild movements.
Violating Barrier at $0.43 Will See CRO at $0.40
CRO currently tests the vital support zone at around $0.43. The coin tested this support mark in January, and it proved dependable. Meanwhile, the Relative Strength Index stays within the moderate region. The indicator will likely gain more downside momentum with the correct catalysts.
Testing the $0.43 support will clear the path to retest the support level around $0.40. if the coin drops beneath this mark, CRO will explore the following footing at $0.38.
Meanwhile, the altcoin needs to maintain beyond $0.45 for potential upward momentum in the short term. CRO’s next resistance stands at $0.47. A surge past this mark will see Crypto.com challenging the obstacle at 20 Exponential Moving Average around $0.4840.
The alt’s one-hour chart shows the short-term Relative Strength Index within the moderate region. That way, CRO has a high probability of developing more downward momentum. For now, Crypto.com needs to keep the $0.43 barrier to avoid downtrends.
Nevertheless, CRO maintains a bearish outlook in the short term. That comes as the alternative token reflects the persisting mode in the crypto market. Meanwhile, crypto experts believe the narrative will shift to bullishness. Let us wait for such developments. Stay tuned.