|

Crypto.com to undergo bullish correction before CRO explodes to $0.60

  • Crypto.com token is currently hovering between the 50-day and 100-day SMAs, indicating a consolidation.
  • The coiling up will likely result in a retracement before a  massive move higher.
  • A breakdown of $0.391 will invalidate this short-term bullish thesis.

Crypto.com token has been in an uptrend for quite some time but the exhaustion of the recent rally has led to a consolidation. A breakout from this coil could be the trigger for further gains for CRO.

Crypto.com token provides opportunity for gains

Crypto.com token rallied 67% from January 22 to February 10 and set up a short-term higher high at $0.543. Price action is currently coiling up in a tight range between the 50-day Simple Moving Average (SMA) and the 100-day SMA, suggesting a lack of directional bias.

Considering the overall outlook for the market, there is a good chance CRO will retrace to the $0.437 support level before reversing its trend. Interested individuals can capitalize on this downtrend and open a long position at $0.437.

The resulting uptrend will likely shatter through the aforementioned SMAs and make a run for the $0.562 resistance barrier. While investors can book profits here, there is a chance that the Crypto.com token will extend even further, beyond this hurdle, and retest the $0.60 barrier.

CRO/USDT 1-day chart

CRO/USDT 1-day chart

Regardless of the bullish correction, if the Crypto.com token produces a lower low below $0.391, it will invalidate the short-term bullish thesis. While this development might sound bearish, the 3-day demand zone, extending from $0.316 to $0.400 will absorb any incoming selling pressure and keep the bullish outlook intact – at least in the long-term.

A daily candlestick close below $0.316, however, will create a lower low, hinting at a continuation of the downtrend to $0.224.

Author

Akash Girimath

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.

More from Akash Girimath
Share:

Editor's Picks

XRP extends decline as CLARITY Act setback reinforces bearish outlook

Ripple (XRP) trades lower around $1.28 on Wednesday, as investors broadly assess the impact of the failed United States (US) Senate vote on the CLARITY Act and the upcoming Federal Reserve (Fed) monetary decision.

Crypto Today: Bitcoin, Ethereum, XRP face headwinds as Fed decision looms

Cryptocurrency prices are broadly retreating on Wednesday, with Bitcoin holding near $75,000. Ethereum holds below the support-turned-resistance at $2,400 while remaining structurally resilient. Meanwhile, Ripple is trading lethargically below $1.30.

Circle launches Arc mainnet with Wall Street validators as CLARITY Act stalls

Circle has publicly launched the Arc mainnet on Wednesday, an EVM-compatible Layer 1 blockchain built for financial markets, stablecoin payments, and AI agentic economic activities.

Bitcoin weakens as CLARITY Act fails to advance ahead of Fed decision

Bitcoin remains under pressure, trading below $76,000 at the time of writing on Wednesday after falling over 3% the previous day and as the CLARITY Act failed to advance in the US Senate. Mixed institutional demand suggests caution amid heightened Middle East tensions.

Bitcoin: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.