The downtrend for Crypto.com (CRO) over the past few weeks has been quite consistent. The coin was mostly trading slightly lower or above its support of $0.5. Bearish momentum also looked likely to hold till year-end, but a sudden resurgence is bringing back some positive outlook in the near term. At the time of writing, the coin was up nearly 15% in intraday trading. Here are some highlights:
Despite a consistent downtrend in recent weeks, CRO appears to have snapped out decline with a 15% surge in intraday gains.
However, the coin is still facing overhead resistance at $0.63 and must sustain today's gains to cross over that threshold.
The long-term outlook for CRO remains extremely positive despite recent downtrends and headwinds.
Data source: Tradingview.com
Crypto.com (CRO) – price action and analysis
At press time, CRO was trading at $0.64. This was nearly 15% higher in intraday trading, but most importantly, the coin had managed to break slightly above its overhead resistance of around $0.63.
Also, the latest price action shows that CRO has surged well over its 50-day moving average, something that could suggest a reversal of the bearish trend we have seen for most of December.
However, whether the coin can sustain these gains and build up some decent momentum in the near term depends on sentiment across the broader crypto market. If bearish trends swipe through, they will weigh heavily on CRO, eventually pulling it closer or below the $0.5 support.
Should you buy Crypto.com (CRO)
Crypto.com (CRO), one of the leading crypto exchanges in the world, has been making quite some moves this year. The platform has signed multiple endorsements, and advertisement deals with several sports brands in a bit to attract more users. Crypto.com is also doing very well with NFT trading. It’s a good long-term buy, no doubt if fundamentals are anything to go by.