Crypto.com price attempts a 20% rally without hunting sell-stops
- Crypto.com price has produced a higher high in an attempt to trigger a 20% rally.
- The run-up could reverse after a 12% ascent due to the uncollected sell-stops below $0.1080 and $0.0985.
- A daily candlestick close above $0.1080 will invalidate the bullish thesis for CRO.
Crypto.com price has been on a bullish trend between September 7 and 10 as Bitcoin price exploded due to bullish resurgence. However, as bulls exhaust, BTC is slowing down, and altcoins, including CRO, are also taking a minor hit.
Crypto.com price ready to face the test
Crypto.com price hovers in the $0.0985 to $0.1950 range, with the midpoint at $0.1460. Although CRO produced equal lows at $0.1080 and rallied 15%, the pullback was only 4%, leaving the sell-stops uncollected.
Regardless, the 15% move created a higher high relative to the September 6 swing high at $0.122. This bullish market structure shift stipulates that Crypto.com price should head higher after the ongoing pullback.
From a market makers’ perspective, Crypto.com price could target the August 26 swing high at $0.1330, which is roughly 12% away. In a highly bullish case, CRO could make a run for $0.1420 after a 19.5% ascent.
Either way, a 12% to 19% move could be cooking for CRO and the only way this scenario will occur is with the support of Bitcoin price.
CRO/USDT 1-day chart
While things are looking up for Crypto.com price, the bullish outlook is derived due to Bitcoin’s recent run-up. If the big crypto takes a U-turn, CRO will follow suit. Therefore, a daily candlestick close below the equal lows formed at $0.1080 will invalidate the bullish thesis for CRO.
In such a case, Crypto.com price could sweep the range low at $0.0985 to collect the next set of sell-stops.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
