Price Analysis

Crypto.Com Price Drops by 55%, Should You Liquidate Your CRO?

Author: Sahana Vibhute

Sahana Vibhute right arrow

Author

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

  • author facebook
  • author twitter
  • linkedin

news-image
Story Highlights
  • Crypto.com drops heavily in the past couple of days displaying the possibility of a major drop fast approaching

The global markets continue to be under a deep bearish influence despite the bulls continuing to hold the price above the crucial support levels. Meanwhile, the selling pressure has eased to some extent, but it appears to be a major trap set up for the bulls. Additionally, the volume also has dropped notably which may reverse the current bullish trend in no time. 

The collapse of the FTX exchange has led to a major drawback for another popular exchange, Crypto.com which has been a matter of concern for many. As per some reports, CDC witnessed massive withdrawals, speculating that the exchange was bankrupt.

It all started when the platform transferred nearly $400 million to FTX, which is clarified as a mistake but rather speculated as a cover-up. The market participants were agonized and dragged the funds out of the platform. 

However, the CEO, kris marszalek , admitted to mishandling funds but assured that the platform is in good health. Meanwhile, the CRO price, which had been notably recovering, is speculated to come under the bearish influence again. 

The volume has dropped notably in the past couple of hours, which may intensify the bearish pressure over time. Meanwhile, the RSI is trying to rise but also displaying the possibility of a stagnant trend in the next couple of hours. On the other hand, the MACD is still bearish despite a minor buying pressure mounting up. 

Therefore, the CRO price may continue to remain under bearish pressure and could also plunge heavily to form new monthly lows close to $0.05 very soon. 

Show More

Was this writing helpful?

No Yes

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Related Articles

Back to top button