For the CRO price, there could be more turmoil on the horizon. Crypto.com’s native token, the Token, could be in for a big drop. The Token, like much of the cryptocurrency industry, has had a year of ups and downs in 2021.
In 2021, the CRO price quickly climbed out of the quagmire. The price had risen 370 percent to $0.2720 by February.
So far, everything has gone well. The CRO price was 53 percent lower at $0.12810 six days later. After two weeks, the CRO had climbed by 97 percent and was now trading for $0.2500. Trading conditions remained tumultuous for the next few weeks. In mid-April, CRO followed the broader cryptocurrency market upwards.
Throughout the month, many asset prices established new highs. Despite this, the CRO price was unable to surpass February’s high and peaked out at $0.25167.
CRO fell as low as $0.9330 during this week’s unprecedented cryptocurrency crash. It’s possible that the 65 percent collapse from the February high isn’t over yet.
Several times between the conclusion of last year and the beginning of this year, the price traded at the trend. The CRO price managed to recover each time. In January, a test of the trend established the foundation for the run to the February high.
CRO managed to bounce back from the support of the February 2020 and January 2021 highs of $0.09370 and $0.09510, respectively, during the latest sell-off. This, in my opinion, is the sole factor preventing the price from reverting to the crucial trendline.
However, it has not yet occurred, and at the present price of $0.11756, the market would have to decline 20% before my idea could be tested.
If the CRO price falls below the trend line, it may be a good time to add some length. Until then, I’d rather sit this one out and see how the scenario plays out over the next few days.