Crypto.com targets $0.27 amidst bullish resurgence
- Crypto.com price is establishing bullish momentum.
- CRO price may have produced a double bottom.
- Invalidation of the uptrend scenario is a close below the swing low at $0.16.
Crypto.com shows no reason to doubt more upside. Still, an invalidation will be necessary for traders to partake in the rally.
Crypto.com is on track to rise higher
Crypto.com price shows subtle signals as the CRO price has embarked on an uptrend rally. The crypto.com price looks to retrace towards price levels established in early March. The bears currently are not showing evidence to believe in a sudden dip to shake out investors below the May 12 lows at $0.16.
Crypto.com price may have produced a double bottom, sustainable to catapult the CRO price levels higher. The bulls stepped in this weekend at the $0.16 levels again before sending an additional 15% higher price. The Relative Strength Index shows positive momentum, which further confounds the bullish trend. If this thesis is correct, price targets lie 40% higher than today's price of $0.19, at the prior resistance barrier of $0.27.
CRO/USDT 4-Hour Chart
Still, an invalidation point will be necessary for entering this high-risk trade setup. Crypto.com price should not breach the swing lows at $0.16. A bearish reach for $0.135 could occur if a break below the bullish invalidation level materializes, resulting in a 28% decrease from the current CRO price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
