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CRO price extends decline after a 60% bearish correction despite fundamentals strengthen

  • CRO price is down 51% since October 13 in what seems to be a robust daily downtrend.
  • The digital asset shows positive fundamentals metrics, which could shift the odds in favor of the bulls. 

CRO had a massive 700% rally since the crash in March 2020. However, shortly after its peak at $0.183 on September 1, the digital asset established a significant downtrend losing close to 60% of its value over the next two months.

Crypto.com has recently received the green light for Collateral Onboarding with MakerDAO, a company focused on borrowing and savings. This partnership is aimed at extending the utility of the CRO token. Despite several other fundamental metrics have turned in favor of CRO in the past few months, the price continues declining. 

Crypto.com Price Prediction: CRO tries to rebound thanks to fundamentals

The downtrend on the daily chart is apparent as CRO continues establishing lower lows and lower highs. The current price of CRO is $0.0771 and seems to be aiming for another low. The RSI has been oversold since October 16 but is not helping the bulls.

cro price

CRO/USD daily chart

The price of CRO can drop even further according to the In/Out of the Money Around Price (IOMAP) chart, which shows practically no support levels until $0.065 but steep resistance ahead between $0.077 and $0.079, where 8,500 addresses bought 1.35 billion CRO tokens, adding a lot of selling pressure. 

cro price

CRO IOMAP chart

On the other hand, the team of Crypto.com has been working hard on securing strong partnerships, which is a positive fundamental. The latest is through MakerDAO to extend the utility of the coin for collateral onboarding. 

Additionally, the National Institute of Standards and Technology (NIST) has granted Crypto.com “Adaptive (Tier 4)” rating, which is the highest maturity level possible. Crypto.com is now the first cryptocurrency company ever to achieve this rating. 

Strong fundamentals, such as strategic partnerships and maturity certification, should help the digital asset perform a rebound in the short-term. CRO can easily climb towards the 200-SMA at $0.12 on the daily chart if it can rebound based on the overextended RSI.

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