Crypto.com price breaks out, bulls target a 15% rally
- Crypto.com price has broken out of a falling wedge setup, indicating a bullish regime.
- Although the pattern forecasts a 15% upswing to $0.136, investors can expect CRO to extend to $0.142.
- A daily candlestick close below $0.108 will invalidate the bullish thesis and trigger a crash.
Crypto.com price has been in a tight consolidation for quite some time, but the recent breakout has triggered a bullish takeover. Going forward, investors can expect CRO to reach its target and potentially push higher.
Crypto.com price reacts swiftly
Crypto.com price crashed 37% since August 14 and set up two lower highs and three lower lows as a result. Connecting these swing points using trend lines results in a falling wedge. This bullish reversal formation forecasts a 21% upswing, determined by adding the distance between the first swing high and swing low to the breakout point at $0.112.
Crypto.com price broke the structure on September 23 as it produced a 13% gain on a single daily candlestick. Since then, CRO has retraced 11% and is currently hovering at $0.116. Going forward, investors can expect this run-up to continue toward equal highs at $0.126.
If the bulls breach through this hurdle, CRO will focus on reaching its theoretical target at $0.136, which would constitute a 15% gain. However, if the bullish pressure is high enough, Crypto.com price might attempt to retest the $0.142 barrier, bringing the total gain to 22%.
CRO/USDT 1-day chart
While things are looking up for Crypto.com price, a lack of buying pressure could undo a perfectly fine falling wedge breakout. A daily candlestick close below $0.108 will flip this support level into a resistance barrier, invalidating the bullish thesis.
Such a development could see Crypto.com price trigger a crash to $0.0985, which is the nearest stable support level.
Note:
The video attached below talks about Bitcoin price and its potential outlook, however, this is still relevant as it is likely to influence Crypto.com price.
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.
