CRO Price Analysis - CRO Sees 18% Price Hike This Week as It Attempts to Break 2-Month Falling Trend

Key highlights:

• CRO is up by a substantial 18% over the past week as the coin breaks $0.1 and hits $0.112
• CRO has run into resistance at $0.12 and a 2-month-old falling trend line
• Against Bitcoin, CRO was also moving higher and broke resistance at a 4-month-old falling trend line

CRO price	$0.11
Key CRO resistance levels	$0.120, $0.135, $0.140, $0.144, $0.160
Key CRO support levels	$0.106, $0.100, $0.088, $0.083, $0.080

*Price at the time of writing

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CRO surged 18% this week as the coin breaks back above $0.1 and reaches as high as $0.12. CRO has been falling since hitting $0.25 resistance in April. More recently, CRO managed to established strong support at $0.88 and rebounded higher from there. The coin would still need to break the falling trend line that was established at the start of May to go on a bullish run higher, but the weekly rebound remains promising. 

Crypto.com hit the headlines this week after announcing a sponsorship deal with Formula 1 that's reportedly worth over $100 million. The deal will allow Crypto.com to achieve brand presence around F1 events as well as receiving trackside slots at F1 races. 

Deals with major sporting events are not new for Crypto.com. In May, Crypto.com had sponsored the Italian Coppa Italia soccer final. Additionally, they had also signed a sponsorship deal with the Montreal Canadiens for the National Hocket League (NHL).

In other news, the exchange recently partnered with Circle, the company behind USDC, to allow its clients to use fiat to buy USDC. Users within 30 different countries will have the ability to wire transfer funds to Circle and receive USDC at a 1:1 ratio through the Crypto.com app.

CRO is now ranked in the 30th position as they currently hold a $2.85 billion market cap.

CRO price analysis

Looking at the daily chart above, we can see that CRO had set an ATH price in April at $0.25 and has been in a consistent downtrend ever since. The mid-May overall market capitulation caused CRO to fall beneath the 200-day MA as it dropped as low as $0.083, where it found support at a .886 Fibonacci Retracement level.

The coin rebounded from this support but failed to overcome resistance at the 20-day MA at the beginning of July. From there, CRO was maintaining support at $0.1 (.786 Fib Retracement) until last week when it continued lower to break $0.1 and find the support at $0.088.

This week, CRO managed to rebound from $0.088 and has since climbed back above resistance at $0.1. At the start of the week, CRO broke above the 20-day MA and pushed higher to $0.12, where it found resistance at a bearish .236 Fib Retracement. It has been unable to break above this resistance so far, which is further bolstered by a 2-month-old falling trend line.

CRO price short-term prediction: Neutral

This week’s rebound has allowed CRO to turn neutral again. However, a break beneath $0.1 is likely to send the market in another bearish spiral. On the other side, it would need to rise above resistance at $0.135 (200-day MA) to turn bullish in the short term.

If the sellers push lower, the first support lies at $0.11. This is followed by support at $0.106 (.786 Fib Retracement), $0.1, and $0.088. Added support lies at $0.0838 (.886 Fib Retracement) and $0.08.

Where is the resistance toward the upside?

On the other side, the first resistance lies at $0.12 (bearish .236 Fib Retracement and falling trend line). This is followed by resistance at $0.135 (200-day & 100-day MA), $0.14, and $0.144 (bearish .382 Fib Retracement).

CRO/BTC price analysis

What has been going on?

CRO has been in a slow, steady decline against BTC since it surged into 415 SAT during February. Month on month, the coin made consistent lower highs as it traded beneath a falling trendline through this time. 

Despite the lower highs being created, CRO managed to establish strong support around 270 SAT and has rebounded from this support a total of three times. 

Last week, it bounced from the 270 SAT support and continued higher above 300 SAT. Today, CRO continued to climb higher and has broken the multi-month falling resistance trendline.

CRO/BTC short-term prediction: Neutral

CRO is still neutral against Bitcoin. A break above the June highs at 353 SAT would see the market turning bullish again. On the other side, it would need to drop beneath the 270 SAT support to turn bearish.

If the sellers push lower, the first support lies at 300 SAT. This is followed by support at 280 SAT (.5 Fib Retracement), 270 SAT, 250 SAT (.618 Fib Retracement), and 227 SAT (downside 1.272 Fib Extension).

Added support is then expected at 200 SAT (.786 Fib Retracement).

Where is the resistance toward the upside?

On the other side, the first level of resistance is located at 353 SAT (June highs). Beyond the June highs, the first resistance lies at 390 SAT (200-day MA). This is followed by 400 SAT, 457 SAT (1.272 Fib Extension - blue), 487 SAT (bearish .237 Fib Retracement), and 500 SAT.

Additional resistance above 500 SAT lies at 524 SAT (1.414 Fib Extension), 550 SAT, 583 SAt, and 600 SAT.

Keep up to date with the latest CRO price predictions here.