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Is Crypto.com token about to claim another yearly low?

Crypto.com token has been hit by confidence crisis post-FTX collapse Massive withdrawals were reported on Crypto.com earlier this month The toke trades at the lowest in the year and could fall further It has been a low moment for crypto firm and exchange-related tokens. A prolonged crypto winter has brought a wave of liquidity crisis for […]

The post Is Crypto.com token about to claim another yearly low? appeared first on CoinJournal.

  • Crypto.com token has been hit by confidence crisis post-FTX collapse

  • Massive withdrawals were reported on Crypto.com earlier this month

  • The toke trades at the lowest in the year and could fall further

It has been a low moment for crypto firm and exchange-related tokens. A prolonged crypto winter has brought a wave of liquidity crisis for most tokens. The latest FTX exchange collapse sent shock waves across the sector. For an exchange that was once ‘secure,’ investors may have learned the hard way. Crypto.com (CRO/USD) is one cryptocurrency that has suffered in the aftermath.

CRO traded at $0.0638, a yearly low. Despite holding to the level for the past two weeks, the cryptocurrency was trading with falling momentum. That comes even as the crypto exchange saw massive investor outflows, days after the collapse of FTX. Crypto.com created “proof of reserves” dashboards post-FTX saga, but that did not soothe investors.

As a confidence crisis sweeps across the crypto sector, it may take time before CRO recovers to its former self. A technical outlook shows that a new yearly low is on the horizon if buyers do not arrest the falling momentum.

CRO is under pressure at a key consolidation area

CRO/USD Chart by TradingView

The daily chart outlook shows CRO on a downward momentum. Pressure is mounting at $0.06, an area the cryptocurrency has been holding for a while now. The RSI is slightly above the oversold level.

A new bottom for CRO?

A prolonged consolidation at $0.06 gives hope that CRO could initiate a recovery. However, with the price remaining under pressure, the cryptocurrency may touch a new low. 

If the price continues lower, $0.057 is the new low to watch. A recovery above $0.075 could ignite a further recovery in the token.

Where to buy CRO

CoinEx

Founded in December 2017, CoinEx is a global and professional cryptocurrency exchange service provider. CoinEx supports multiple languages and are providing global trading services in nearly 100 countries/regions.

Buy CRO with CoinEx today

Okcoin

Okcoin is a globally licensed exchange with offices in San Francisco, Miami, Malta, Hong Kong, Singapore and Japan. Okcoin's mission is to help decentralize finance and level the economic playing field for everyone around the world. Serves 190+ countries with over 100K+ active traders and investors.

Buy CRO with Okcoin today

The post Is Crypto.com token about to claim another yearly low? appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Pro: the recent rally in Bitcoin may not be ‘sustainable’

Katie Stockton expects a pullback in Bitcoin price ahead. She explained her “neutral” view on CNBC’s “Squawk Box”. Bitcoin has climbed roughly 40% since the start of 2023. Bitcoin has now surpassed the key $23,000 level but Katie Stockton of Fairlead Strategies continues to recommend caution as the recent rally could reverse just as easily. […]

The post Pro: the recent rally in Bitcoin may not be ‘sustainable’ appeared first on CoinJournal.

  • Katie Stockton expects a pullback in Bitcoin price ahead.
  • She explained her “neutral” view on CNBC’s “Squawk Box”.
  • Bitcoin has climbed roughly 40% since the start of 2023.

Bitcoin has now surpassed the key $23,000 level but Katie Stockton of Fairlead Strategies continues to recommend caution as the recent rally could reverse just as easily.

Stockton defends her stance on CNBC

Year-to-date, the first ever decentralised cryptocurrency has gained about 40% – a strength she says is an opportunity for investors to pull out.

Reiterating her “neutral” stance on Bitcoin, Stockton said this week on CNBC’s “Squawk Box”:

When you see such strong, steep rallies, they’re more characteristic of countertrend moves. At one point, we had 14 consecutive up days this month for BTC. So, we’re sceptical to its sustainability and see it as countertrend.

The upcoming week is a crucial one for Bitcoin because of the Fed’s announcement. The CME FedWatch Tool currently signals a more than 98% probability of a 25 basis points hike this time.

Bitcoin has broken above its 200-day MA

Also on Sunday, a top trader and analyst, Peter Brandt warned of a near-term pullback in BTC. Others, including Michael van de Poppe and Credible Crypto have a similar opinion as well.

Interestingly, Bitcoin is now trading meaningfully above its 200-day Moving Average. Still, Katie Stockton said:

This has happened before and it proved to be a false breakout. So, we’re not convinced we have a breakout here. But it’s an incremental positive. We hope this manifests in our longer-term indicators which still very much point lower.

She’s not particularly constructive either on the benchmark S&P index that’s up more than 6.0% for the year at writing.

The post Pro: the recent rally in Bitcoin may not be ‘sustainable’ appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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