The Crypto.com Coin price is struggling today. CRO has retreated by more than 5% from its highest level today. It is still 32% above its lowest level last week, which has brought its total market cap to more than $4.78 billion. It is the 34th biggest cryptocurrency, slightly below BitTorrent, which is valued at $4.79 billion.
What is Crypto.com Coin? For starters, Crypto.com is one of the biggest cryptocurrency exchanges in the world. The company offers a diverse mix of products, including a crypto wallet, debit card, NFT marketplace, and trading portal.
Crypto.org Chain, on the other hand, is a public blockchain project that enables transactions between people and businesses. It is designed to be secure, low cost, and a permissionless platform. The chart below summarizes the participants of the chain. CRO is the native token for the ecosystem. It also powers the Crypto.com ecosystem.
On the daily chart below, we see that the CRO price has been attempting to recover in the past few days. The currency managed to rise from last week’s low of $0.1393 to today’s high of $0.1960, which is a 41% increase. We also see that it has found a substantial resistance at the 38.2% Fibonacci retracement and the 25-day and 50-day exponential moving average (EMA) levels. The chart also shows that the price formed a double-top pattern at $0.2485.
Therefore, at this point, the outlook for the currency is neutral. For bulls to prevail, they need to comfortably move above the two moving averages. At the same time, we cannot rule out another drop to last week’s low. The two scenarios will be determined by the outcome of the Fed decision.