Last week saw Crypto.com price (CRO) set a new price low that has not been hit since December 2020. This was after the FTT token collapsed following revelations that FTX was going out of business.
Since hitting the price lows, the aggressive bearish trend has slowed down, and in the past few trading sessions, we have seen a small recovery that has resulted in a 25 per cent price bump from the crypto’s price low. We have also seen Crypto.com price trading in tandem with the entire cryptocurrency industry, which is also moving at a slow pace in its recovery.
Today, Crypto.com price is down by 2 per cent and extending yesterday’s 4 per cent drop. The intraday trading data also shows a high likelihood that we might see prices continuing to fall throughout the session. The drop will be in tandem with the cryptocurrency industry, and I expect the mirroring of both crypto.com and the industry to continue for the next few trading sessions.
Is Crypto.com Price Poised for another Low
As described above, much of what has happened in the past two weeks has been triggered by fundamental factors such as the collapse of the FTX. With Crypto.com being significantly correlated with most of the major coins, such an event, which sent most projects in a nosedive, also dragged down its prices.
Today, with markets stabilizing, the price action of Crypto.com has resumed its long-term bearish trend. There is a high likelihood that we might be looking at a long-term bearish trend that will see Crypto.com’s price breaking its latest price low of $0.055. There is also a high likelihood that we might see Crypto.com trading below the $0.050 price level in the long term. However, a trade above the $0.8 price level will invalidate my analysis.