Crypto.com Breaks The Patience For Withdrawing Funds! How Will This Impact CRO Price?

While the crypto market has just begun flashing green after getting severely impacted by the FTX wipeout, concerns regarding withdrawing funds from Singapore-based crypto exchange firm Crypto.com are peaking. According to some users on the platform, crypto withdrawals via bank transfers are taking longer than expected, fading the trust of users from Crypto.com. After the sudden collapse of popular crypto exchange FTX, the crypto community worries about securely storing funds in Crypto.com as users believe that it can be the next target of bankruptcy. 

Is Crypto.com Next After FTX’s Demise?

This year has brought a nightmare for crypto investors as multiple hacks, exploits, and the downfall of a popular crypto exchange FTX have darkened the future road of web3. Recently, several users of Crypto.com complained about the excessive time that it is taking to withdraw crypto funds from the platform to a bank account. 

A well-known crypto analyst and trader, MartiniGuyYt, raised a concern regarding a withdrawal of 2 BTC from Crypto.com that has been pending for 24 hours. He further expressed his doubts about its normalcy as he hinted at a bankruptcy for Crypto.com. However, it is reported that a small amount of transactions are executing smoothly, whereas huge transactions are facing difficulties. 

After all, the CEO of Crypto.com, Kris Marszalek, clarified all the concerns through a YouTube live stream today as he mentioned that withdrawals were working correctly and would continue to serve users. Moreover, the CEO clarified their connections with the bankrupt crypto firm FTX as Crypto.com had less exposure (worth $10 million) to FTX, and they have a solid balance sheet too. 

CRO To Witness More Price Dips

In the last week, the FTT token wiped billions of dollars from the crypto market, and its impact now seems to spread through other cryptocurrencies as Crypto.com’s native token, Cronos (CRO), witnesses massive withdrawals in the last 24 hours. 

Looking at the daily price chart, Cronos has made a long bearish candle, dropping more than 36% in the last 24 hours. CRO has broken its ‘W’ pattern, taking it to trade below the fundamental support level of $0.08 with a predicted more bearish in the next few hours.

The RSI-14 indicator trend line has dropped from an overbought region of 65 to an overselling region of 32. The current movement from RSI indicates increased selling pressure, which may soon lead to a sharp decline in the price chart.

Moreover, the MACD line has also dived to the bottom region as it is trading in negative territory and acting as a catalyst in bringing CRO to the lows. The SMA-14 is falling with a steep ratio to EMA-20 and EMA-50, which may soon turn portfolios red.

The Bollinger bands are also declining according to the negative market sentiments. The Bollinger band’s lower limit is at $0.069, where CRO is currently trading. If CRO breaks this support level, it may initiate huge selling pressure and trade near the next support level of $0.0522. 

However, from its current price level, CRO can turn bullish as Crypto.com assures investors about its safety and stability. If CRO makes a breakout above its Bollinger band’s upper limit at $0.087, it can soon head toward its EMA-100 resistance level of $0.1190.