Leading cryptocurrency exchange Crypto.com (CRO) price has lost most of its YTD gains as Bitcoin slid below $20,000 on Friday. Crypto markets are experiencing a massive bloodbath as the BTC broke below the key psychological level. CRO price and other mid-capped altcoins are suffering the most as investors take a risk-off approach.
Crypto.com is one of the biggest exchanges in terms of global adoption. As of May 2022, the company had 50 million customers, which is a very high number for a crypto services provider. CRO coin is the native asset of the Cronos ecosystem that incentivizes its holders with several privileges.
On Friday, cryptocurrencies are facing one of the most bearish days of the year. Bitcoin and Ethereum prices have broken below their key supports without any significant bounces. Consequently, CRO price has already tanked by 3.89%. Our analysis shows that there is still much more downside.
As per the most recent Crypto.com news, the exchange is currently facing troubles in handling fiat deposits. This is because of the collapse of the crypto-friendly bank Silvergate. Consequently, Crypto.com price has also taken a massive hit as Silvergate Capital Corp. announced its intentions to liquidate its banking division.
CRO price has broken its bullish market structure and maintains a bearish outlook on the daily timeframe. Last month, the price faced an intense rejection from the $0.0938 level, which was present just above the 200-day moving average. Although the price wicked above 200-day MA, it failed to close.
As a result, Crypto.com price prediction has flipped very bearishly. If Bitcoin gains acceptance below the $20,000 level, then I expect CRO price to make new lows. If you’re a CRO bull, then you must pray that the $0.055 level holds as a breakdown can potentially result in a prolonged bearish accumulation.
This post was last modified on Mar 10, 2023, 12:28 GMT 12:28