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.
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