- Crypto.com price saw a massive increase in seller volume on the 9-hour chart.
- The CRO price has yet to retest the breakback from the broken trendline, currently at $0.34.
- The downtrend invalidation is a spike above $0.45.
Crypto.com price saw a sizable selloff to start the week. Although new investors may be surprised, the price of CRO is signaling further declines in the coming days.
Crypto.com price has strong bearish momentum
Crypto.com’s price action has been one of the most enjoyable cryptocurrencies among professional traders, as the price action has been synergistic with classic style trading methods. Last month, analysts documented several sell signals around the $0.50 area. In retrospect, the bears largely fueled the early sell signals as the price fell 18%.
Crypto.com price has more bearish confluence as the price finally broke above the initial downside target of $0.44. The price of CRO is currently trading at $0.404 and is on a steep downward slope. The volume profile indicates additional fuel to the bearish momentum on the 9-hour chart. Probably, Smart Money is unwilling to trade at the current CRO price and might be waiting for a retest of the broken trendline at $0.34.
CRO/USD 9 hour chart
Bullish downtrend invalidation will be considered if the bulls can push the CRO price back above $0.45. If this scenario were to occur, the bulls could potentially re-attack the $0.50 area, leading to a 25% increase from the current Crypto.com price.