- Crypto.com price rejection at the midpoint of the range at $0.1460 has resulted in a reversal.
- Investors can expect a sweep of the equal lows formed at $0.1080 and $0.0983 before a change in trend.
- A daily candlestick close below $0.0920 will invalidate the bullish thesis for CRO.
Crypto.com price shows the exhaustion and reversal of a bullish attempt at a significant resistance level. This development has caused CRO to trigger a sell-off that will likely continue before buyers step in.
Crypto.com price prepares for take-off
Crypto.com price created the last swing high at $0.1950 before crashing nearly 50% in less than two weeks. This development resulted in creating a range extending from $0.0983 to $0.1950 with a midpoint at $0.1460.
After this brutal sell-off, Crypto.com price formed a base and triggered a recovery rally that not just pushed to the midpoint at $0.1460 but cleared above it. While this move was a bullish no-doubt, the altcoin failed to sustain momentum, leading to a flip of the aforementioned level.
Since the breakdown of $0.1460, Crypto.com price has dropped roughly 19% and is currently trading at $0.1170. Sitting below it are two equal lows, with sell-stop liquidity resting below them at $0.1080 and $0.0983. Therefore, investors can expect a further drop in CRO’s market value before any bulls come knocking.
Assuming market makers get to collect the liquidity below $0.0983, a quick recovery will indicate a potential reversal in progress. In such a case, investors can expect Crypto.com price to rally 20% and tag the first huddle at $0.1200.
Beyond this level, the altcoin might attempt to retest the $0.1460, resulting in a maximum gain of 50%.
CRO/USDT 1-day chart
On the other hand, if Crypto.com price fails to sweep the $0.0983 level, there might be a premature uptrend to lure the long positions before trapping them. However, if the buyers do not come to the rescue even after sweeping the $0.0983 level, then things could saucy, especially after a daily candlestick close below the $0.0920 foothold.
This development will flip the support floor into a resistance barrier and invalidate the bullish thesis for Crypto.com price. In some cases, it could potentially trigger a crash to $0.0900 or $0.0850 levels.
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
FLOKI rallies 9% on Tuesday, proposal to burn over 15.2 billion tokens is in the voting process
FLOKI holders are currently voting on a proposal to burn over 15.24 billion tokens, with 99% of the voters in favor of the event. The meme coin rallied 9% on the day on Binance.
Top 3 meme coins price prediction Dogecoin, Shiba Inu and Bonk: Memes wipe out gains from GameStop rally
Meme coins Dogecoin, Shiba Inu, and Bonk rallied alongside top meme tokens in response to GameStop’s rally on Monday. As legendary trader “Roaring Kitty” resurfaced on X with a series of tweets, meme tokens rallied, piling gains on Monday.
Arbitrum price sets the stage for 30% recovery rally Premium
Arbitrum (ARB) price is showing signals that suggest the downtrend could be coming to an end. If this development is coupled with improving Bitcoin price outlook, then ARB could be due for a quick move to the upside.
XRP climbs above $0.50 as Ripple files motion to seal documents in connection with SEC lawsuit
Securities and Exchange Commission (SEC) lawsuit against Ripple saw an update as the payment remittance firm filed a motion to narrowly seal documents related to the remedies-phase.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.