Crypto.com price to rebound towards $0.45, booking 10% gains
|- Crypto.com Coin is on the front foot after bulls stepped in at the final minute yesterday.
- CRO looks to test $0.42, a Fibonacci level, with a break above set for $0.45.
- Expect a daily close above $0.45 next week, more gains to come.
Crypto.com Coin (CRO) finally sees some bullish signs after a series of rejections against the $0.44 barrier. As price action started to fade, bulls stepped in at the last moment and reversed the trend back to the 76.4% Fibonacci level at $0.42. With that, the fade is contained, and bulls are set to punch a hole in the wall at $0.44 to reach $0.45 finally, and with that, propositioning for more upside gains to come by next week.
CRO sees bulls ready to punch a hole in $0.42
Crypto.com Coin should see more investors and bulls come to join price action in the coming days as some clear signs are there that the CRO is not going further to the downside anytime soon. Bulls have stepped in twice these past few days and have shown their force yesterday by erasing a bearish candle and almost turning it into a bullish hammer candle. Additional proof is in the Relative Strength Index (RSI), which shows a nice divergence and is relatively flat then sharply up, showing that bulls have more room to go.
CRO price should see a broadly supported inflow of new funds as morale is high and could easily break the 76.4% Fibonacci level at $0.42 anytime now. Once through there, the big task at hand is to break and stay above $0.44, and with the monthly pivot at $0.45, bulls will need to sit on their hands not to book profits for a while. If we see a daily close above $0.45, expect this to be a perfect scenario for further gains next week.
CRO/USD daily chart
Another rejection at the $0.44 level could be one too many and trigger a selloff that sees bears taking over and bulls fleeing the scene and joining the selling camp. That would see price action dip towards $0.40 or even $0.35 depending on global market sentiment and how violent the market correction is. Expect losses to vary between 7% and 15%.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.