Crypto.com price could reclaim grounds as bulls aim for $0.46
|- Crypto.com price has printed five waves down and could be due for a counter-trend rally
- CRO has fallen back into the previous resistance zone
- Invalidation is a touch at $0.375
Crypto.com price could rally upwards of 10% to $0.46 if the technicals are correct.
Crypto.com price says a retracement is due
Crypto.com price has been a fun chart to trade amongst analysts and professional traders. Last month A 20% rally was captured, followed by a clear sell signal at $0.50 that was also documented. Many traders now have their eyes set on Crypto.com price retesting the breached parallel channel. Yes, CRO price will eventually come back to test the trend, but a counter-trend rally to fake out early bears may happen first.
Crypto.com price was predicted to impulsively decline into these levels following last week’s 5th wave truncation. The bears have managed to short the digital asset in 3 clear swings, which is typical for corrective structures following uptrend rallies. After analyzing the three swing decline, there is evidence that the first five waves have occurred, and now a larger counter-trend rally is due before more drops commence.
CRO/USDT 6-Hour Chart
Crypto.com price has targets at $0.46 if the technicals are correct. There is the overall divergent trend line in this zone and choppy wave four price action of a smaller degree. The crypto.com price has fallen into the last resistant zone before the uptrend rally, which is bullish in its own right.
Invalidation of the uptrend is currently the swing low at 0.39, but a safer invalidation could be a close below $0.375. If the CRO price breaks $0.375, consider the downtrend correction unfinished and will likely bring the price back to retest the breached parallel trend channel at $0.34, resulting in a 17% decrease from the current Crypto.com price.
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