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Crypto.com price could jolt down to $0.26 if this level breaks

  •  Crypto.com price is hovering inside a symmetrical triangle setup that forecasts a 35% breakout.
  • The recent downswing has pushed CRO to favor a bearish move that could trigger a 35% crash to $0.26.
  • A daily candlestick close above $0.47 will create a higher high and invalidate the bearish thesis.

Crypto.com price is at the end of an ongoing pattern and indicates that a breakout could be due soon. However, if buyers make a comeback, there is a good chance for CRO to recover and trigger a bullish breakout.

Crypto.com price is in a tough spot

Crypto.com price is getting squeezed between two converging trend lines creating lower highs and higher lows. Such market behavior is known as a symmetrical triangle. The technical formation forecasts a 34% move, which is determined by adding the distance between the first pivot high and low of the triangle to the breakout point.

Assuming a further sell-off for the big crypto, CRO is likely to breach the lower trend line at $0.263, triggering a bearish move. In such a case, the symmetrical triangle forecasts a 35% crash to $0.26. In a highly bearish case, investors can expect Crypto.com price to even retest the $0.22 support level before stabilizing.

CRO/USDT 1-day chart

CRO/USDT 1-day chart

Supporting the bearish breakout is the recent decline in optimism in the crypto space. Moreover, the drop in Bitcoin’s price has caused altcoins, including Crypto.com price, to suffer a bearish fate.

A daily candlestick close above $0.47 will create a higher high and invalidate the bearish thesis and kickstart an uptrend. In such a case, the symmetrical triangle setup forecasts a 35% upswing to $0.644 for Crypto.com price. 

IntoTheBlock’s Global In/Out of the Money (GIOM) model shows that the immediate support level, extending from $0.405 to $0.205 is already being tagged. Here roughly, 27,000 addresses that purchased roughly 76.57 billion CRO tokens have moved from being profitable to breakeven. A further spike in buying pressure could see many of these investors going underwater. Interestingly, the levels forecasted from a bearish breakout are present inside the immediate support level shown by the IntoTheBlock, making it a high probability outcome.

CRO GIOM

CRO GIOM

This move will cement its position by setting up a higher high and suggest the start of an uptrend. 

Author

Akash Girimath

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.

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