Crypto.com price is about to pull off an unexpected move
- CRO price continues to print bullish divergence signals.
- Crypto.com price sellers’ volume is tapering out.
- Invalidation of the uptrend scenario is a close below $0.16.
Crypto.com price is likely to commence a countertrend rally in the coming hours.
Crypto.com price targets $0.32
Crypto.com price shows reasons to believe a strong countertrend rally will occur very soon. The bears are now printing very minuscule-looking bearish candles on the daily chart. The congested price action could be signaling bearish exhaustion as the bears who profited from the sell-off since $0.40 have been off-loading their short positions for nearly two weeks.
Crypto.com price provides subtle bullish confluences contributing to the bullish countertrend thesis. The CRO volume has tapered consistently since the initial May 12 sell-off. Secondly, the Relative Strength Index shows several bullish divergences on the daily chart, which adds confidence to place a long entry at the current $0.185 price level.
CRO/USDT 1-Day Chart
Invalidation of the bullish uptrend is a breach of 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.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
