CROBTC Analysis 08/09/19
Crypto.com Chain has seen some resilience, up by 16% while altcoins were suffering from the Bitcoin's alway growing dominance over the cryptosphere.
However, the coin is now facing a downtrend resistance that keeps capping any attempts made by the buyers to prop up the coin.
After two strong rejections over the last 2 months and lower lows, Crypto.com is heading back toward its downtrend for a new test.
Stochastic is showing some bullish tendencies, however as a lagging indicator, we wouldn't read too much into that as we are coming near this short-term resistance.
Regarding the current altcoins' context, the breakout to the upside case is always hard to defend. Volume has been rising slightly but we are far from previous levels that could sustain a processing bullish momentum. We also have to take into consideration the fact that short-term lows at 377 satoshis are also the year lows, we are therefore sitting on the edge of another sell-off.
Therefore, we expect to see sellers stepping up while we get near the coin's downtrend, putting some pressure on prices targeting short-term lows at 377 satoshis and lower.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/transparency............................................. .
However, the coin is now facing a downtrend resistance that keeps capping any attempts made by the buyers to prop up the coin.
After two strong rejections over the last 2 months and lower lows, Crypto.com is heading back toward its downtrend for a new test.
Stochastic is showing some bullish tendencies, however as a lagging indicator, we wouldn't read too much into that as we are coming near this short-term resistance.
Regarding the current altcoins' context, the breakout to the upside case is always hard to defend. Volume has been rising slightly but we are far from previous levels that could sustain a processing bullish momentum. We also have to take into consideration the fact that short-term lows at 377 satoshis are also the year lows, we are therefore sitting on the edge of another sell-off.
Therefore, we expect to see sellers stepping up while we get near the coin's downtrend, putting some pressure on prices targeting short-term lows at 377 satoshis and lower.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/transparency............................................. .
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