The Crypto.com price action throughout the month has been aggressively bearish, resulting in a 10 per cent drop in September. Today, the bearish trend looks poised to continue, with prices already down by more than a percentage point, wiping out yesterday’s price gain of one per cent.
Crypto.com is listed in most exchanges as Cronos after rebranding. It is the native token of the blockchain designed by Crypto.com, one of the largest cryptocurrency exchanges that allow users to buy and sell crypto, stake their cryptocurrencies, and earn on the platform while still being able to keep digital assets wallet in one wallet.
There are many factors that have contributed to the current price drop of Cronos, among them the falling trading volume. In the past 24 hours, the total Cronos transaction has been $21 million, a drop of 42 per cent from yesterday’s trading volume. Such a drop, in most cases, can result in a cryptocurrency falling in the markets, and there is a high likelihood that what we are seeing today is a result of the reduced trading activity of Cronos.
Another factor is due to the current bearish cryptocurrency industry. Throughout the month, the industry has seesawed around the $1 trillion market capitalization, with the past few trading sessions seeing a persistent bearish trend. Cronos, being significantly correlated with the industry, has also seen its prices pushed down, resulting in the current bearish trend.
Therefore, looking at the daily chart below, I expect to see Cronos’ price continuing to drop. There is a high likelihood that we might see prices hitting the $0.1 support level and possibly trading below that level in the next few trading sessions. However, should the price trade above $0.12, then my bearish trend analysis will be invalidated. It will be an indication of a possible upward trend.
This post was last modified on Sep 29, 2022, 14:01 BST 14:01