- Crypto.com price fails to find support from a descending parallel channel.
- CRO price currently coils in triangular fashion under low volume.
- Invalidation of the bearish thesis is a breach at $0.135.
Crypto.com price shows weakness during the second trading week of July. Although the bullish scenario has not been invalidated, market conditions warrant consideration of an alternative scenario.
Crypto.com price is at a make-or-break point
Last week on July 8th, the Crypto.com’s CRO price reconquered the descending parallel channel, which prompted the necessity to consider a bullish scenario. While the CRO price hovered at $0.12, conservative targets at $0.14 and $0.17 were issued while keeping a tight invalidation level at $0.10. If market conditions were genuinely bullish, the CRO price would have propelled impulsively towards the first target by now. Unfortunately, the bulls could not maintain support and fell beneath the descending trend channel again.
Crypto.com price currently trades just above $0.11. The bullish thesis has not been invalidated, but the breach and retest of the descending parallel channel is a textbook bearish signal that should not be taken lightly. If the technicals continue to coil triangularly, a fall into $0.08 could be the first bearish target. There is a chance that a seller's frenzy could ensue, targeting the all-time lows at $0.04, but let’s wait for the first impulsive decline before confidently aiming at said targets.
CRO/USDT 1-Day Chart
Invalidation of the bearish thesis is a breach above $0.135. If the bulls can breach this level, they may be able to rally as high as $0.16, resulting in a 43% increase from the current Crypto.com price.