The Crypto.com coin price had a spectacular rise early this year as demand for exchange-backed cryptocurrencies jumped. CRO price jumped from $0.053 in January this year to an all-time high of $0.2742 in February. That was a spectacular 410% rally. Recently, though, its price has dropped by more than 55%, bringing its total market capitalization to more than $3 billion.
CRO coin has struggled
For starters, Crypto.com is a large integrated cryptocurrency company. The firm offers a wide variety of services like a non-fungible tokens (NFT) marketplace, crypto wallet, trading platform, and a DeFi wallet among others. The company has more than 10 million customers globally.
Crypto.com Coin, on the other hand, is a native token for the Crypto.org Chain. This is a platform that is relatively similar to the Binance Chain in that it helps developers to build decentralized products. Developers can use it to build NFT, DeFi, and other decentralized projects. CRO, therefore, is the native token that powers this ecosystem.
Early this year, the CRO price jumped as investors piled into exchange-linked currencies. It was that rally that pushed the Binance Coin to become the third-biggest blockchain project in the world. Other tokens that did well were the Huobi Token and FTX Token. The two have a market cap of more than $2.8 billion and $3 billion, respectively.
However, recently, the Crypto.com coin price has struggled. At its lowest level last week, the coin was down by more than 70% from its all-time high. This week though, it has rebounded and is now 42% above last week’s low. So, what next for CRO?
Crypto.com Coin price forecast
On the four-hour chart, the first thing we see is that CRO price has formed a V-shape, which is a sign that there were more bulls than bears in the past few sessions. We also see that the coin’s price has found some substantial resistance at the 78.6% Fibonacci retracement level.
Further, the price has managed to cross the standard pivot point that is shown in green. Most importantly, the 25-day and 15-day moving average have made a bullish crossover pattern.
Therefore, in my view, the price will likely remain in a bullish trend as investors attempt to retest the first resistance of the standard pivot point at $0.1400. This is also the lowest level on 23rd April and is 15% above the current level.
However, a drop below the pivot point at $0.1125 will invalidate this prediction.