Crypto.com price already up 6% as market turns around
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- On Tuesday morning, Crypto.com coin price action was already up 6% on the week.
- CRO price could go out with a bang on Friday on the back of economic data.
- Expect to see a possible test of $0.1600, printing 35% gains for the week.
Crypto.com coin (CRO) price action saw investors and traders doubtful on Monday morning about which direction to trade in. As the dust settles even more from past events from last week and with the US equities roar back, risk-on looks to be the overpowering mood amongst traders, with the Relative Strength Index (RSI) showing the bullish overhaul. Expect to see CRO price trading higher this week with the US jobs report a key event on Friday afternoon that could see cryptocurrencies close the week with a bang.
CRO price could stand to make 35% this week
Crypto.com coin price action has been revalued towards $0.1170 on the back of more hawkish elements coming from the Fed. On Monday, a turnaround was sparked after an almost two-week losing streak for cryptocurrencies, and CRO price was no exception. The turnaround was very tricky to trade as there were no real handles nearby to use as an entry-level, so traders will need to stumble into the price action to be part of the rally.
CRO's first big hurdle is at around $0.1330 and comes with the 55-day Simple Moving Average. Although it has been flatlining, it counts as a cap on the price action after the false break and rejection on August 25. If bulls can pierce through there, another leg higher is in the making with the target at $0.1600, which could become a double top holding 35% of gains on the docket.
CRO/USD Daily chart
A big issue could come with Friday’s job report as the current economic backdrop is in a peculiar situation. The Fed keeps tightening on the back of good economic data which suggests inflation will persist. Thus, a worse jobs number on Friday could mean good news for cryptos and risk assets in general as it would suggest a looser policy trajectory going forward. Should the data prove worse than expected, however, it will be bad news for inflation and, in a chain reaction, see the Fed hike, tightening conditions even further and draining cryptocurrencies of much-needed cash. Cryptocurrencies would then drop like a stone, with CRO price printing below $0.1000 and a move towards $0.0984 also quite quickly.
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