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
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
Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices.
It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform.
Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.
Capital.com is a global broker which offers over 200 cryptocurrencies for its users.
It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets.
On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.
The post Is Crypto.com token about to claim another yearly low? appeared first on CoinJournal.