Crypto.com price hints at a weakness of the trend as bears aim for $0.44
|- Crypto.com price has rallied 20% since breaching the daily trend channel.
- CRO price could have a bearish RSI divergence on the 2-day Chart.
- A close above $0.51 will invalidate the bearish thesis.
Crypto.com price is displaying evidence of a weakness of the current uptrend. CRO price could begin falling if market conditions remain the same.
CRO price bull run may be coming to a halt
Crypto.com price has certainly been an enjoyable digital asset amongst traders this month. It was documented early last week that a bull run was underway as CRO price had managed to breach the daily trend for the fourth time. A classical retest of the trend occurred at $0.39 before CRO price began to surge upwards. Crypto.com price then began to rally, conquering 20% of the bullish terrain. Ultimately, the bulls printed a nostalgic three white knights engulfing pattern on the 2-day Chart.
Crypto.com price does have some concerning factors that were also mentioned during last week's successful trade setup. For example, the volume pattern lacks anything to boast about.
CRO/USD 2-Day Chart
Secondly, the Relative Strength Index displays hidden bearish divergence despite the bullish three white knights pattern. Today's price action at $0.485 is printing on the RSI than February's swing highs at $ 0.51. It is also worth noting that the current CRO price action is lining up with the bearish 60 level on the RSI, which is adding fuel to the concerning flame.
Traders in profit will likely be trailing their stop losses, most likely under the most recent bullish engulfing candle at $0.45. Bulls can expect an extended target at the $0.55 level for the Crypto.com price if the bears fail to tap this liquidity. A closing candle into the $0.51 level on the 2-day Chart could warrant traders to aim for targets at $0.58 and $0.60, resulting in a 25% increase from the current price.
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