Crypto.com price tightens, hinting at a 20% upswing
|- Crypto.com price shows a tight consolidation with higher lows, suggesting a build-up of bullish momentum.
- Investors can expect a 20% rally from the current position to $0.0785 in the coming week.
- A daily candlestick close below $0.0612 will invalidate the bullish outlook for CRO.
Crypto.com price action over the last two weeks has not been kind to investors. The ongoing tight consolidation will likely end on a good note but will require support from Bitcoin, which is also getting squeezed.
Crypto.com price edges closer to a breakout
Crypto.com price downtrend since May 15 is apparent, and the lower highs formed in this period can be connected using a trend line. Over the last two weeks, CRO has produced a string of lower lows and lower highs, indicating a tight consolidation.
Interestingly, the Relative Strength Index (RSI), a popular momentum indicator, has produced higher lows, indicating a slow build-up of bullish momentum. This non-conformity in Crypto.com price hints that a trend reversal is likely.
Since CRO is bouncing off the $0.0612 support level, the bullish outlook is more likely to play out. In such a case, market participants can expect Crypto.com price to rally 20% and tag the $0.0785 hurdle.
Although a further extension of the uptrend is unlikely, investors should consider the possibility that CRO retests the confluence of the declining trend line and the intermediate resistance at $0.0923. This move would bring the total gain for investors from 20% to 43%.
CRO/USDT 1-day chart
Regardless of the optimism, investors should note that a breakdown of the critical support level at $0.0612 will invalidate the bullish thesis for Crypto.com price. This move would produce a lower low and signal a downtrend continuation.
Such a development for Crypto.com price could see it tank 15% and retest the $0.0520 support level.
Here's how Bitcoin's moves could affect Crypto.com price
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