The Crypto.com Coin (CRO) price has been under intense pressure in the past few days. After soaring to an all-time high of $0.2753 almost two weeks ago, it dropped by more than 54% to $0.1260 last week. Since then, it has crawled back and is now trading at $0.1463, bringing its market cap to more than $3.54 billion.
What happened: The digital currency industry struggled last week as many investors started to take profit after having one of the best rallies in modern times. Bitcoin had just reached an all-time high of $58,000 while Ethereum was comfortably above $2,000. Cryptocurrencies also dropped because of the rising Treasury yields in the United States.
Therefore, the Crypto.com Coin price dropped because of its relationship with the overall cryptocurrencies industry. In other words, people tend to value exchange-linked coins like Crypto.com, Huobi, and Binance Coin to the overall action in the industry.
A few days ago, I warned that the Crypto.com coin price would possibly crash to $0.14. At the time, the price was in a strong upward rally that seemed unstoppable. The price then declined to below $0.14.
On the four-hour chart, the price has moved to slightly above the 61.8% Fibonacci retracement level. It is also on the same level as the 25-period and 15-period exponential moving averages, which is a sign of consolidation.
The CRO price has also formed a descending channel that is shown in black. The current price is along the upper side of this channel. Therefore, while an upward pullback is possible, we should not rule out another retest of the lower side of the channel at $0.1255. However, if it breaks above the upper side of the channel, there is a possibility that it will retest the 50% retracement at $0.1680.
