Crypto.com price shows extremely bearish technicals. A sweep-the-lows event could wreak havoc on CRO’s long-term trajectory.
Crypto.com price to sweep the lows
Crypto.com price is hovering on its final leg of support. On December 23, The CRO price was down by 13% as the bears kept the price below $0.06. The Ethereum-based cryptocurrency exchange token has gradually declined along a descending trend channel, providing support on several occasions throughout the year. Now the larger time frame’s technicals suggest the supportive barrier will finally give in.
Crypto.com price currently auctions at $0.058. When zooming out to the weekly chart, the 50-week simple moving average has produced a bearish cross with the 100-week moving average. The bearish cue could catalyze a sweep-the-lows event targeting the all-time lows at $0.052. If a double bottom does not form near the lows, then a penny-from-Eiffel-style decline could occur with bearish targets as low as $0.01.
The bulls need to hurdle and flip the prior week’s closing candlestick at $0.0636 to invalidate the bearish thesis. In doing so, the bulls could prompt a justified countertrend spike toward November’s high at $0.074. CRO would increase by 30% from today’s market value if the bulls were successful.