- Crypto.com price collects liquidity resting below equal lows at $0.1080, hinting at a reversal.
- Investors can expect a carefree ascent to $0.1260 to collect the buy-stop liquidity.
- A daily candlestick close below the range low at $0.0985 will invalidate the bullish thesis.
Crypto.com price has been on a downtrend since it formed a peak on August 3. This development has caused CRO to produce a string of lower lows and lower highs. However, on closer inspection, the altcoin reveals a liquidity run and a potentially bullish setup.
Crypto.com price ready to explode
Crypto.com price swept below the equal lows at $0.1080 on September 15, and this move steepened over the next five days. However, the price action from August 3 shows that CRO has produced two distinctive lower highs and four lower lows.
These Crypto.com price swing points are connected using trend lines, which reveal a falling wedge pattern. This technical formation hints that a bullish reversal is forthcoming and forecasts a 21% upswing, determined by measuring the first swing high and swing low to the breakout point.
Although Crypto.com price has not produced a breakout, investors can expect it to occur around $0.1120, which puts the falling wedge target for CRO at $0.1360. However, judging by the price action, a conservative target is the liquidity resting above the equal highs formed at $0.1260.
CRO/USDT 1-day chart
While things are looking up for Crypto.com price, there is another equal low formed at the range low at $0.0985, which might be swept. Therefore, investors need to be generous with their stop-losses, especially if they decide to take up this trade.
On the other hand, if Crypto.com price produces a daily candlestick close below $0.0985 and flips the range low into a resistance level, it will invalidate the bullish thesis. This development could see CRO revisit the $0.0922 support floor.
Note:
The video attached below talks about Bitcoin price and its potential outlook, which could influence Cardano price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple's XRP breaks out of downtrend as RLUSD receives greenlight from New York regulators
Ripple's CEO Brad Garlinghouse announced on Tuesday that the company received a green light from the New York Department of Financial Services on the launch of its stablecoin RLUSD.
Could Google's supercomputer crack Bitcoin? Crypto community maintains positive outlook
Bitcoin faced mixed sentiments on Tuesday after crypto community members spoke on the potential of Google's new quantum chip Willow's ability to crack blockchain networks and render the security of public key cryptography useless.
Crypto Today: Microsoft Rejects Bitcoin Reserve Plan, as Cardano, XRP Lead Market Rebound
Amid an escalating geopolitical crisis, the global crypto market crash on Monday saw over $1.5 billion worth of liquidations, triggering double-digit losses across top-ranked digital assets.
Litecoin Price Prediction: LTC to hold $100 support as traders deploy $10M of leverage
Litecoin price broke below the $110 level on Tuesday, down 20% in a frenetic 24 hours as rising geopolitical risks triggered volatility across global crypto markets.
Bitcoin: Long-awaited $100K milestone meets profit taking
Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.