• Crypto.com price appears ready to perform a quick bounce after tagging a critical line of defense.
  • A key technical indicator strongly indicates that a bullish reversal is in the offing for CRO.
  • If Crypto.com slices above $0.55, an additional 60% ascent may be on the radar.

Crypto.com price could be preparing for a quick recovery as the exchange token discovered reliable support at $0.44. A key technical indicator suggests that CRO may have formed a local bottom and is ready to reverse the period of sluggish performance.

Crypto.com price targets $0.55 next

Crypto.com has formed a symmetrical triangle pattern on the 12-hour chart. Although the exchange token has fallen toward the lower boundary of the governing technical pattern at $0.43, it has acted as a reliable foothold for CRO.

The Momentum Reversal Indicator (MRI) has presented a second consecutive bottom signal, strongly suggesting that a bounce may be in the offing for Crypto.com price. 

The first line of resistance will emerge at the 23.6% Fibonacci retracement level at $0.48, then at the 21 twelve-hour Simple Moving Average (SMA) at $0.50. 

Crypto.com price will also face an obstacle at the 38.2% Fibonacci retracement level at $0.52, then at the 50 twelve-hour SMA at $0.54. The bulls will target the 50% retracement level next at $0.55, coinciding with the upper boundary of the prevailing chart pattern.

If Crypto.com price slices above the aforementioned hurdle, an additional 60% climb toward $0.88, a target given by the governing technical pattern could be on the radar. 

CROUSDT

CRO/USDT 12-hour chart

If selling pressure increases, the exchange token may be able to discover immediate support at the 200 twelve-hour SMA at $0.44. An additional foothold will appear at the lower boundary of the symmetrical triangle pattern at $0.43. 

However, if Crypto.com price slices below the aforementioned line of defense, CRO could slide further to reach the November 8 high at $0.41, then toward the November 5 high at $0.38.

 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Faux strength or resurgence of bullish momentum?

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Faux strength or resurgence of bullish momentum?

Bitcoin price shows a resurgence of buying pressure as the eastern markets open fresh to a new week. This development, while bullish, could turn sour if BTC fails to overcome a significant hurdle. Assuming this occurs, the recent surge in Ethereum, Ripple and other altcoins could also quickly come undone.

More Bitcoin News

Dragoma on Polygon suffers rug pull, DMA price declines 99.8%

Dragoma on Polygon suffers rug pull, DMA price declines 99.8%

Dragoma on the Polygon Network was hit by a rug pull, leaving DMA holders in a fix. DMA price declined 99.8% since the incident. MATIC’s climb to its $1 target remained unaffected by the event.

More Polygon News

If Tezos price clears this significant hurdle, XTZ holders are in for a treat

If Tezos price clears this significant hurdle, XTZ holders are in for a treat

Tezos price shows a steady grind toward its forecasted target. This development comes after a successful breakout from a bullish pattern. Investors can decide if they should hop on this train or stay away by looking at how XTZ reacts to an upcoming resistance level.

More Tezos News

Here’s what to do if you missed the recent AVAX price rally

Here’s what to do if you missed the recent AVAX price rally

AVAX price shows no signs of stopping as it bounced off a stable support level on August 2 and triggered a massive run-up. This move seems to have reached an upper limit for now and is likely to pull back a little. 

More Avalanche News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP