Crypto.com Coin (CRO) price continues to decline with little support in sight. On the other hand, CRO looks pretty close to recording the lowest levels in the last two months.
Crypto.com price was one of the best performing cryptocurrencies of the last quarter of 2021. Backed by solid foundations such as the renaming of Staples Center to Crypto.com Arena, Crypto.com has attracted a lot of attention with its CRO token.
However, the pressure of a news sell-off continues to plague the current price action of the CRO.
Crypto.com price is down more than 60% from all-time highs made on November 27. CRO price action, on the other hand, is still in a downtrend. CROis facing extreme pressure due to sensibly selling an Ideal Bear Ichimoku Breakout entry within the Ichimoku Kinko Hyo system.
Unfortunately, Ichimoku support does not appear to be available until the $0.40 value area.
The Chikou Span represents the final component on the daily Ichimoku chart that could provide some relief from further selling pressure. However, this delay will most likely come in the form of support at the top of the Cloud (Senkou Span A) just below the Chikou Span within the $0.40 value area.
As a result, CRO price will test the 61.8% Fibonacci retracement at $0.40 at the same time.
If Crypto.com bulls want to make a move to override the current bearish outlook, buyers will Crypto.comIt should at least force it to close at $0.53 above Tenkan-Sen.
Ideally, buyers would push the CRO to a close above the 38.2% Fibonacci retracement around Tenkan-Sen, Kijun-Sen and the $0.62 value area. This will also position the Chikou Span above the candlesticks and into the open area, limiting most other threats to the downside.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.