- Crypto.com’s CRO price has declined 30% since August.
- The first impulsive decline in August leaves subtle evidence to believe another decline of equal or more value is coming.
- Invalidation of the bearish thesis is a breach above $0.16.
Crypto.com’s CRO price is showing concerning signals during the first trading week of September. Key levels have been identified.
Crypto.com price looks impulsive
Crypto.com price currently auctions at $0.11 as the bears are flexing their power on smaller time frames. Since August, the Ethereum-based crypto exchange token has lost 30% of its market value. The steep impulsive rally and subsequent shallow pullback hint that another decline of equal or more value is coming.
A Fibonacci Projection took surrounding the August decline, and counter trend pullback forecasts strong FIB levels sub $0.10 cents. Based on Elliott Wave theory and the correlating uptick in volume, the previous downtrend’s breach of the descending parallel channel confounds the bearish thesis.
If the technicals are correct another impulse wave could unfold as wave 5 in the coming weeks. If the prospective wave 5 follows normal Fibonacci projections, the 261.8% Fibonacci level at $0.06 will be a key area for institutional investors to aim for.
Invalidation of the bearish thesis targeting $0.06 is a breach above the origin point of the summertime decline at $0.16. If the bulls can reconquer this barrier, they could induce a Bullrun targeting $0.24. Such a move would result in a 110% increase from the current CRO price.