Crypto.com finds subtle support hinting at a 40% rally towards $0.31
- Crypto.com price is finding support on the parallel channel median line.
- CRO price is printing a bullish inside bar pattern.
- Invalidation of the uptrend scenario is a close below the swing low at $0.20.
Crypto.com price ready to move higher
Crypto.com price shows subtle bullish signals as the crypto arena awaits the May 11 United States Inflation report. CRO price has touched the parallel channel median line for the first time since the 40% rally forecasted in March. The first touch of any significant trend line is usually the catalyst before the most substantial price spike occurs.
Crypto.com price has risen 13% since the initial tap of the median line. The bulls are just 2 hours away from printing a bullish inside bar pattern on the daily chart. The Relative Strength Index also displays positive divergence, which further confounds the bullish subtlety. If this thesis is correct, price targets lie 35-40% higher than today's price of $0.2266, at the prior swing highs of $0.31.
CRO/USDT 1-Day Chart
Still, an invalidation point will be necessary for entering this high-risk trade setup. Crypto.com price should under no circumstances close below the swing lows at $0.20. If this were to occur, a breach of $0.135 could occur, resulting in a 40% decrease from the current CRO price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
