|

Crypto.com price breaks through resistance as CRO bulls take over

  • Crypto.com price under pressure post US CPI data, recovers and maintains gains.
  • Crucial $0.50 price level breached, bullish momentum must be maintained.
  • Downside risks could be significant if buyers slowly fade away.

Crypto.com price has achieved several extremely bullish events today, chiefly that of testing the primary resistance zone in the $0.53 value area. However, the combination of CRO testing a significant resistance cluster while the oscillators print oversold levels could precursor some intense and imminent selling pressure.

Crypto.com price must move and close above the $0.53 value area to maintain its gains

Crypto.com has a major cluster of resistance between $0.51 and $0.53. The 38.2% Fibonacci retracement (of this current downswing), the 61.8% Fibonacci retracement of the prior upswing) and the bottom of the Ichimoku Cloud (Senkou Span A) in the $0.51 to $0.53 price levels. It is the single most significant and most challenging resistance level on the daily Crypto.com chart.

Bulls were able to pierce above that resistance zone but faced immense selling pressure after the announced US CPI data, but it recovered nearly all of that loss. However, it shows signs of struggling to return above $0.53 and even maintaining a stable price range at $0.52. If Crypto.com price can’t close higher, the oscillators may be the warning bulls need to get out.

The Optex Bands oscillator is trading near extreme overbought conditions and at the highest level observed since November 20, 2021 – right before the all-time high. Likewise, the Relative Strength Index is right up against the final overbought level of 65.

CRO/USD Daily Ichimoku Kinko Hyo Chart

The combination of the resistance cluster and the bearish continuation signals in the oscillators warn of a pullback, likely down to the 50% Fibonacci retracement and Kijun-Sen at $0.45.

Author

Jonathan Morgan

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.

More from Jonathan Morgan
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.