Crypto.com price plans its bounce as downside risk diminishes
- Crypto.com price shows a willingness to move higher after bouncing off the $0.098-to-$0.106 demand zone.
- If CRO flips past the 200 four-hour SMA at $0.120, investors can expect a retest of the $0.133 hurdle.
- A four-hour candlestick close below $0.098 will invalidate the bullish thesis.
Crypto.com price has breached through the range’s midpoint and is likely to continue heading lower. If the intermediate support level holds, there is a good chance the bounce will be premature for CRO.
Crypto.com price continues to plot
Crypto.com price created a range between $0.098 and $0.133 as it rallied 35% between June 18 and June 26. Since this range was formed, CRO has not swept the range high or low even once. However, the $0.110 support level has been tagged three times already.
The latest revisit of the aforementioned barrier has resulted in an attempt to recover the losses. However, investors should be aware of the $0.098-to-$0.106 demand zone resting below it. A dip into this area has good chances of a bounce.
Assuming CRO gets a 5% retracement, the resulting bounce needs to overcome the 200 four-hour Simple Moving Average (SMA) at $0.120 before attempting a move to range high at $0.133.
In total, this run-up would constitute a 25% ascent and is likely where the upside is capped for Crypto.com price in the short term.
CRO/USDT 4-hour chart
While things are looking up for Crypto.com price, a failure to stay above the $0.098-to-$0.106 demand zone will indicate a weak bullish camp. A four-hour candlestick close below $0.098 will invalidate the bullish thesis for CRO and potentially trigger a crash to the $0.09 support level.
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.
