- Crypto.com price is down 12% on the month.
- A bearish cross has been spotted on the weekly time frame.
- The bulls will need to hurdle the $0.063 barrier to launch a counterattack.
Crypto.com price may be setting up for an end-of-the-year decline. CRO will need to display tremendous strength to alter the bearish bias.
Crypto.com price setting up for pain
Crypto.com price may be hanging on the edge of a cliff. On December 22, the CRO price is at a 12% loss of market value since the start of the month. The Ethereum-based cryptocurrency exchange token has hovered above a descending trend channel for several weeks. The bulls have produced short-lived countertrend spikes following each retest of the supportive barrier. At the time of writing, the technicals suggest the trend channel will soon face a much more significant challenge.
Crypto.com price currently auctions at $0.056. On the weekly time frame, the 50-week simple moving average has crossed over the 100-week variant, well above the current trading range. Although bearish crosses usually happen more frequently on smaller time frames, like the 4-hour and daily charts, the same concept of momentum and force can be applied on larger timeframes.
The all-time low lies 17% below CRO’s current market value at $0.052 and is the final liquidity level to aim for. If the bulls do not provide support near the lows, then a free-fall-liquidation event could be underway for the Crypto.com price.
CRO/USDT 1-week chart
Thus traders may want to ease off their countertrend scalping strategies when engaging with CRO. On smaller time frames, a breach below the descending parallel channel at $0.055 could be the start of the anticipated decline. Invalidation of the bearish thesis will need a spike and consolidation above the previous weekly settling price at $0.0636. If the bulls are successful, an additional rally towards the November monthly high at $0.074 could occur. The Crypto.com price will rise by 30% if the bullish scenario plays out.