Crypto.com price is hours away from a breakout as the bulls aim for $0.55
- Crypto.com price has broken the daily trend channel for the 4th time
- CRO is consolidating above both the 200-day and 50-day moving average
- A dip below $0.32 would invalidate the bullish thesis
Crypto.com price could be hours away from a bull run as the digital asset is currently consolidating outside the trend channel.
Crypto.com price looks super bullish
Crypto.com price is currently trading at $0.40. Following the bullish weekend, Crypto.com price triggered pending orders above the $0.417 level. Time will be the ultimate judge to decide if we will see a bull rally or if traders going long will get trapped.
Crypto.com price has a few strong indicators providing bullish confluence. The current consolidation above the parallel trend channel with low volume spells for a parabolic move to come. Secondly, the 50- and 200-day moving averages have supported the digital asset over the weekend. Traders can either jump in now or place a buy stop at the previous pending order level at $0.417. If the bulls can push the price back into the pending orders level, the Crypto.com price will probably soar. Bulls are likely to aim for previous swing highs at $0.46 and $0.55, between 20% & 40% above the current price.
CRO/USD 8-HR Chart
Having an invalidation level is vital for approaching any investment. With that being said, Crypto.com price should not fall beneath the median line of the parallel trend channel, or under $0.32. If this were to occur, then CRO price would likely continue falling into $0.28 and $0.25, up to 35% below the current price.
Author
FXStreet Team
FXStreet
