- Crypto.com price performs a classic technical setup for another rally.
- CRO price bounces off monthly pivot at $0.4452 and offers bulls a window of opportunity to get involved.
- Expect more investors and bulls to jump into the price action before the rally starts towards $0.5322.
Crypto.com (CRO) price broke and closed above the monthly pivot after booking 4% gains. As CRO price has been rallying for three straight days, a slight fade is quite normal as bulls will want to book some gains, and in the meantime, other bulls will want to look for entry levels to get in. With Nasdaq on the cusp of having another up day going into the weekend, expect to see a bullish close for CRO price as tailwinds persist.
Crypto.com price sees global markets shifting to full risk-on
Crypto.com price is on the cusp of booking a four-day winning streak. Price action broke above the monthly pivot on Thursday and this morning saw a slight fade back towards that same pivot around $0.4452. Fresh investors and bulls have caught the fade at entry-level, with CRO price bouncing off that monthly pivot.
CRO price will end the trading week with another green candle where it will be essential to see if the price can close above the high of yesterday. By doing so, a pattern is being formed as the price gets crushed to the upside each time, and in the process, fresh highs for March will be eked out. Expect this pattern to continue going into the weekend and next week as a sentiment shift has taken place in global markets, providing plenty of tailwinds for price action to reach $0.5322 or the 61.8% Fibonacci level by the end of next week.
CRO/USD daily chart
Tail Risk is still present as a clash looks to be set for the G20 meeting which the US does not want Russia to be part of and where Putin already said he wanted to be present. Expect more rhetoric to build up throughout the weekend between the two heads of state, that could trigger a possible ramp-up in violence. With that, markets could be put on the back foot and see price dip back towards $0.4243 with the 55-day SMA and the 76.4% Fibonacci level as double support.
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