The Crypto.com Coin (CRO) price has struggled recently as investors react to the fading enthusiasm of cryptocurrencies. It is trading at $0.2020, which is 18% below the highest point on Saturday.
What happened: The CRO price has dropped by more than 8.9% in the past 24 hours. Other exchange-linked coins like the Binance Coin, FTX Token, and Huobi Token prices have also declined sharply.
This performance is mostly because demand for digital currencies seems to have waned in the past few sessions. Indeed, a good look at Google queries on the leading digital currencies like Bitcoin, Ethereum, and Cardano show that interest has declined in the past few days.
This is partly because of the rising bond yields and the fact that some traders believe that their prices is relatively expensive.
The Crypto.com coin price tends to do well when there is a lot of activity in the crypto industry. That’s because they derive their value from demand and supply when buying and selling the assets.
The four-hour chart shows that the CRO price rose to a high of $0.2020 on Saturday as the major digital currencies rallied. The price has waned recently as the price of most cryptocurrencies has waned. It has tested the ascending trendline that connects the some important levels since February 28.
Therefore, in my view, the CRO price will remain in a bullish trend so long as the price is above this ascending trendline. A move below the trendline will open the possibility of the price falling to $0.18.
