A short-term support area rejected the Crypto.com (CRO) price, potentially initiating a downside movement.
CRO is the native token of the Crypto.com exchange. The price of CRO coin has been falling below a long-term descending resistance line since November 2021, when it reached an all-time high of $0.955. The decline ended with the November 2022 low at $0.053. The ensuing bounce validated the $0.060 area as support and initiated the current upward movement.
However, CRO price is yet to break above the above resistance line. Most recently, the line caused a rejection in February (red icon). Later, the CRO price rebounded against the $0.060 support area to form a higher low (green icon).
Therefore, the price is now trading near the convergence of the long-term resistance line and the $0.060 support area. Whether it breaks or falls may determine the future trend. A breakout of it could take Crypto.com price to the next resistance at $0.118, while a breakdown could start a quick decline towards $0.030.
The weekly RSI is rising but still below 50, giving a fairly neutral reading.
Technical analysis from the weekly time frame presents an undecided trend. However, the daily is definitely bearish. On March 14, CRO coin price formed a long upper wick (red icon), which validated the horizontal zone at $0.073 as resistance. Did the same in the last 24 hours. The wick is considered a sign of selling pressure, and the fact that the price once again broke below the $0.073 area is both considered a bearish signal.
This rejection also coincided with a bearish RSI reading. The indicator was rejected by the 50 line (red icon) and failed to break out of its bearish divergence trend line. Both are considered bearish signals.
Therefore, the most likely scenario is a decline to the short-term ascending support line. The line is close to the previously mentioned $0.060 support area.
Alternatively, a retest of the $0.073 area would mean that Crypto.com price also broke above a long-term descending resistance line. So, it could start a higher move towards $0.118.
To conclude, the most likely CRO price forecast is a decline towards the $0.060 support area. Whether the price breaks this or bounces may determine the future trend. Retesting the $0.074 resistance area would invalidate this bearish forecast and could catalyze an upward move towards the long-term resistance line at $0.084.
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