Crypto.com (CRO) price declined below a minor support area. This could be the first step towards a bigger and more significant price drop.
CRO is the native token of the Crypto.com exchange. Since hitting an all-time high of $0.955 in November 2021, CRO token price has declined below a long-term descending resistance line. A decline to the November 2022 low of $0.053 led to a decline. The price has since then recovered, validating $0.060. Horizontal area as support.
Despite the rise, CRO failed to break above the resistance line. Rather, it was rejected after reaching a new yearly high at $0.095. Furthermore, the weekly RSI is still below 50, indicating a bearish trend.
Nevertheless, CRO coin price made a higher low in March, which revalidated the $0.060 support area (green icon).
Whether the price breaks the resistance line or declines below the $0.060 area could instead determine the future trend. A breakout could take Crypto.com price towards the $0.118 resistance area, while a breakdown could catalyze a sharp decline towards $0.030.
While the weekly chart presents a mixed outlook, the daily chart is decisively bearish. This was mainly because of the loss of the $0.073 horizontal zone and its recognition as resistance (red icon). This coincides with the RSI rejection from the 50-line (red circle) and the bearish divergence trend line (green).
As a result, a decline to the short-term ascending support line is the most likely scenario. The line is coinciding with the $0.060 support area mentioned earlier. Therefore, whether it bounces or breaks down may determine the future trend.
On the other hand, a retest of the $0.073 area would mean that CRO price also broke above the long-term descending resistance line. As a result, it could catalyze an increase towards $0.118.
To conclude, the most likely CRO price forecast is a decline towards $0.060. The response once it gets there could determine the future trend. On the other hand, a retest of the $0.073 area would invalidate this bearish prediction. In that case, CRO price could rise higher towards $0.118.
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