Crypto.com (CRO) – Could be setting the stage for a fresh bearish wavePosted on Wednesday, October 19 2022 at 9:30 pm GMT+0000
Crypto.com (CRO) was forced to move back following the recent recovery thanks to resistance from the upper-line of the regression channel stretched from the August 3rd peak and the adjacent 40-day simple moving average.
The bearishly charged 40- and 100-day simple moving averages are safeguarding the medium-term negative structure and the oscillators are hinting at further price depreciation. The RSI is sloping south beneath its equilibrium level and the ROC is setting the stage for a fresh bearish extension in the negative region, after deflecting off its zero line.
So, if sellers push harder in the next sessions, the price could dip toward a support area that has been tested three times in the past, the 0.099 – 0.096 region which is linking the July 2021 trough, the June bottom, and the most recent low posted on October 13th. That area is expected to act as a strong safety net for the exchange’s coin, but if it fails to do so, the nearby mid-regression line may try to deter additional declines toward the May 2021 bottom of 0.087.
On the other side, following a decisive step beyond the 40-day simple moving average and the regression channel, buyers will jump to the July 26th low of 0.121. Further higher, the recovery could stretch toward the 0.123 – 0.125 resistance region, encapsulating the 100-day simple moving average and the September 24th peak.
To conclude, Crypto.com’s negative mode persists despite the recent pause in the sell-off, and the selling appetite is expected to ramp up in the forthcoming days.