Crypterium (CRPT) price rebounded from its $0.0635 support after gaining 26% on Thursday. However, the price was rejected from the 200 MA level and saw a 13% correction today. The price for CRPT coin stands at $0.07140 till press time.
The negative price action in Crypterium can be attributed to the weakness shown by Bitcoin on Friday. The largest cryptocurrency fell by 0.54% on Friday and was trading at $26,380 at press time. As a result, the price for altcoins like Ethereum and CRPT experienced bearish sentiment and turned red.
Why Is Crypterium Tanking?
In the past 24 hours, $2.7 million worth of CRPT has been traded on different exchanges. Most of the volume traded came from the largest exchange in the United States, known as Coinbase. The total market capitalization for CRPT is around $6 million, with 85 million coins in circulation.
In January 2023, Crypterium made headlines after the cryptocurrency showed a shocking 250% gain. As a result of its gaining popularity, Coinbase and several other exchanges started to list CRPT. However, despite all the exchange listings, the Crypterium price entered into a downtrend.
Crypterium Price Forecast
The CRPT crypto chart shows that the price bounced 26% before being rejected from $0.07407, which lies at the 200 MA. Currently, the price of the Ethereum-based token stands 3.3% below the 200 MA. On a higher timeframe, it is 69.6% below its yearly high of $0.23.
The Crypterium price prediction can only flip bullish if the price breaks through the $0.088 resistance level. However, the outlook is likely to flip bearish if the bulls fail to hold the $0.0635 support level. In this case, A 30% correction toward the $0.045 June low will be on the cards.
In the meantime, I’ll keep sharing updated analysis of Crypterium and my personal trades on my Twitter, where you are welcome to follow me.
