- Crypto.com price has been on a prolonged decline since August.
- The bulls are attempting to regain the 8-day exponential moving average as support.
- A rally towards $0.20 could occur even if the lows are swept.
Crypto.com price could fool a lot of investors in the coming weeks. As the CRO price hovers in the $0.10 zone, many declines could be losing power.
Crypto.com price could rally towards $0.20
Crypto.com currently auctions at $0.1065. The bulls are testing the 8-day exponential moving average resistance. The Relative Strength Index shows the bulls testing a previous resistance zone while trying to hover above the definitive buyer’s level. The volume profile index is the most confounding piece evidence that an uptrend could occur as the transactions have all but faded amidst the declining price action.
Combining these factors, a CRO price rally should not be ruled off the table. A classical retest into the previously broken support at $0.20 would be a 100% increase in profit. Investors should remember that the jagged downtrend could fit in context with an Elliott Wave B. B-waves commonly breach through the origin point of the previous impulsive rally (Wave-A) before ending and rallying higher for Wave C.
CRO USDT 2-Day Chart
Therefore, a clear Invalidation point cannot be easily made. The May 9 low at $0..0984 could be used for intraday traders attempting to catch a knife. Ultimately, A dollar cost average approach should be implemented for investors willing to partake in a very early, risky, but highly probable scenario.
In the following video, our analysts deep dive into the price action of CRO, analyzing key levels of interest in the market. -FXStreet Team
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