Crypto.com is down 4% in the past day
Tokens native to crypto exchanges also look bearish amid volumes
CRO retested key support with low momentum
Crypto.com’s CRO/USD price is hovering around $0.1051 after falling 4.92% in the past day. The token’s weekly losses are currently at 11.04%. The bearish turn is not specific to CRO. Several tokens native to crypto exchanges are also facing a sell-off.
BNB token is down 6% while Huobi token and FTT have lost 3.04% and 11% in the past week. The trend can be linked to low trading activity amid a prolonged market correction. Currently, the crypto market cap is down 3.7% to $961 billion.
Cronos, formally called crypto.com token, is used for payments, trading and financial services. The digital asset is backed by Crypto.com, one of the fastest growing crypto exchanges. CRO remains bearish despite the exchange recently adding support for native assets of an NFT platform.
The deal will allow users to trade native tokens from Minted, a Cronos Labs Startup. The entity enables the listing and purchase of more than 10 million NFTs on CRO and Ethereum blockchains. Other fundamental aspects that hold back CRO are related to regulatory aspects.
The exchange was recently forced to end UEFA competition sponsorship deals worth $500 million. Crypto.com, known for its partnerships with sports companies, cited regulatory concerns. The technical outlook doesn’t look great either.
CRO Retests $0.1054 Support Amid Bearish Momentum
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From the daily chart above, CRO is trading on a trend of lower highs and lower lows. It moved from $0.1557 on Aug. 13 to the current price of $0.1051, representing a 32% drop. The downward pressure has pushed the CRO below the 20 and 50 day moving averages.
At 13, the Stochastic Oscillator is in the oversold zone, showing that the token could be due to a trend reversal. However, a trend reversal remains subject to a change in sentiment. If so, the immediate resistance level will shift towards USD 0.1213.
CRO faces bearish pressure amid declining momentum. Although the token has entered the oversold zone, no trend reversal is visible. The token has retested support and can trade lower if the level is not valid.