- CRO price has significant bullish divergence.
- Crypto.com price has reached a breached strong Fibonacci level.
- Invalidation of the uptrend scenario is a close below $0.16.
Crypto.com price is due for a countertrend rally to balance out the steep decline.
Crypto.com price could reach $0.32
Crypto.com price is showing reasons to believe in a strong countertrend rally. The bears have managed to breach considerable amounts of liquidity under a parallel channel median line as the CRO price currently trades at $0.18. The liquidity grabs could be viewed as contrarian bullish as market makers now have more control to push the price in the direction of their choice. Likely, bulls are waiting at the lower half of the trend channel, whose buy orders may not get filled as the price could begin impulsing higher.=
Crypto.com price provides a few subtle confluences, adding to the bullish countertrend idea. The CRO price looks extremely extended, having failed to retrace 50% of each decline. Secondly, a Fibonacci projection tool surrounding wave 1 into wave 2 forecasts the low at $0.16 directly with the 423.6 Fib level. The 423.6 Fib level is a common target for wave three bottoms. Lastly, the Relative Strength Index shows multiple bullish divergences on the daily chart, proposing the idea for an entry in the coming days.
CRO/USDT 1-Day Chart
Invalidation of the bullish uptrend lies at the swing low, marked $0.165. If the bears breach this level, a $0.10 CRO price will be on the cards, resulting in a 45% dip from the current Crypto.com 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
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?