Crypto.com price is a good buy at these levels for a quick 20% gain
- 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.
Author
Akash Girimath
FXStreet
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.
