Crypto.com price looks ready for a 20% bounce as key support level holds

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. 

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.