Crypto.com (CRO) price falls to test support

0

 91 total views

Crypto.com (CRO) price has fallen about 20% in the past few days to revisit January lows. 

Fundamental analysis: New offer available

Crypto.com has launched a new incentive program that offers users 0% card fees on all crypto purchases conducted within 30 days of registering. 

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

The discount applies to all digital currencies available on the exchange, which users will be able to purchase with a credit or debit card. More than 80 cryptocurrencies are listed on the exchange, including the biggest ones like Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Uniswap (UNI) and more.

Crypto.com’s new offer is a rare find as most cryptocurrency exchanges charge fees for credit and debit card purchases. As many leading crypto and DeFi assets are seeking new highs, new traders are now able to enter the market without paying additional fees. 

All users who have passed the exchange’s KYC process from January 6 onwards are eligible for the program. After 30 days, Crypto.com will start charging regular card fees once again, which can range between 1.49% to 3.99%, depending on the country.

In addition, users will also be able to invite friends to the program using Crypto.com’s BG25 Referral Program, which refers to a payout system for users who refer to friends. Upon completing the sign-up steps using a referral link received from a friend, the exchange will award both users with $25 in CRO, its native token. These funds can be used when the user orders Crypto.com’s Visa Card. 

Technical analysis: Downside risk exists

CRO/USD price is trading over 11% lower this week after failing to sustain gains above the $0.09 mark. Instead, the sellers regained short-term control of the price action to push it lower towards channel support at $0.065. 

The buyers are now facing resistance in the context of the 100-DMA at $0.074. A break of this line would open the door for a move back above the $0.09 mark. On the other hand, break of the channel’s support opens the door to $0.05. 

Summary

Crypto.com has introduced a new incentive program that allows new users to make fee-free crypto purchases using a credit or debit card within 30 days of signing up.