Crypto.com bulls attempt to break resistance that could return CRO To $0.50
- Crypto.com price extends yesterday’s rally into this week’s close.
- Two near-term resistance clusters will prove challenging for bulls to break.
- A return to $0.50 would be the first step to returning to all-time highs.
Crypto.com price action has seen the same rally off its lows that many cryptocurrencies have seen since Thursday. At present, CRO is halted up against the first of two resistance clusters that must be broken.
Crypto.com price needs to close inside the Ichimoku Cloud if it faces another round of selling pressure
Crypto.com price has rallied nearly 20% from its Thursday low at $0.35. However, that momentum is at risk of fading. CRO is currently testing the first of two resistance clusters – the bottom of the Ichimoku Cloud (Senkou Span A) and the daily Tenkan-Sen at $0.415.
If Crypo.com price can close at or above $0.415, it will return inside the Ichimoku Cloud. While the Cloud does represent volatility and indecision, it is nonetheless the closest level that could act as support for CRO.
If momentum does carry Crypto.com price above $0.415, then the road to $0.50 becomes much more manageable – until $0.445 where the 50% Fibonacci retracement and Kijun-Sen exist. After that, bulls need to achieve a daily close above the Ichimoku Cloud at or above $0.51 to confirm a new bullish expansion phase.
CRO/USDT Daily Ichimoku Kinko Hyo Chart
Failure to close inside the Ichimoku Cloud could be extraordinarily bearish and a signal that selling pressure will resume. A return to $0.32 would be very likely, with a strong possibility of breaching $0.32 and dropping swiftly to the following primary support zone near $0.25. In that scenario, any future bullish outlook would be invalidated.
Author
Jonathan Morgan
Independent Analyst
Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.
