The downtrend for Crypto.com (CRO) over the past few weeks has been quite consistent. The coin traded mostly slightly below or above $0.5 support. The bearish momentum looked set to continue until year-end. However, a sudden rebound is giving rise to a positive outlook for the near future. At the time of writing, the coin was up nearly 15% in intraday trading. These are some highlights:

• Despite a consistent downtrend in recent weeks, CRO appears to have snapped out decline with a 15% surge in intraday gains.

• However, the coin still faces overhead resistance at $0. 63 and must sustain today’s gains to cross over that threshold.

• The long-term outlook of CRO is very positive, despite recent headwinds and downtrends.

Data source: Tradingview.com

Crypto.com (CRO) – price action and analysis

At press time, CRO was trading at $0.64. This was nearly 15% higher in intraday trading, but most importantly, the coin had managed to break slightly above its overhead resistance of around $0.63.

Also, the latest price action shows that CRO has surged well over its 50-day moving average, something that could suggest a reversal of the bearish trend we have seen for most of December.

But, the sentiment in the wider crypto market will determine whether or not the coin is able to sustain its gains and build some momentum. If bearish tendencies emerge, they will impact CRO and eventually pull it below or closer to $0.5 support.

Should you buy Crypto.com (CRO)

Crypto.com, one of the most prominent crypto exchanges worldwide, has made some significant moves in this year’s past. To attract more users, the platform has signed endorsements and advertising deals with several sports brands. NFT trading is also a very profitable business for Crypto.com. If the fundamentals are any indication, it’s a great long-term investment.