• Crypto.com token created a triple bottom setup as it bounced off the $0.316 to $0.400 demand zone.
  • The recent run-up will likely extend by another 20% and retest the $0.512 resistance barrier.
  • A daily candlestick close below the three-day demand zone’s lower limit at $0.316 will invalidate the bullish thesis for CRO.

Crypto.com token is at an inflection point as it retests a crucial resistance barrier. This move comes after CRO bounced off a vital support floor.

Crypto.com token faces a decisive moment

Crypto.com token bounced off the $0.316 to $0.400 demand zone for the third time on February 24, completing a triple bottom setup in the process.

This technical formation forecasts a trend reversal supporting bulls. As a result, the Crypto.com token has rallied 30% and is currently facing the $0.437 blockade. A potential surge in buying pressure that flips this hurdle into a platform will be vital in continuing the uptrend.

In such a case, CRO will make a run toward the $0.512 weekly resistance barrier. In total, this move would constitute a 20% ascent from $0.420 and is likely where a short-term high will form. Under special circumstances, the Crypto.com token may extend the rally by tagging the next barrier at $0.562.

Interested investors can open a long position at $0.420 and look to book profits at $0.512 and $0.562 level, respectively.

0.CRO/USDT 1-day chart

CRO/USDT 1-day chart

On the other hand, if Crypto.com token reenters the three-day demand zone, extending from $0.316 to $0.400, it will signal weakness with buyers and could also indicate an increase in sell-side pressure.

This downswing would counter the optimistic scenario but not completely kill it. A daily candlestick close below the three-day demand zone’s lower limit at $0.316 would, however, create a lower low and invalidate the bullish thesis for the Crypto.com token.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price has managed to stay above the POC at $0.0000118, indicating support from bulls. A continuation of this momentum could trigger a 60% rally to $0.0000200. A daily candlestick close below the $0.0000106 support level will invalidate the bullish thesis for SHIB.

More Shiba Inu news

XRP price attempts a 15% rally on Ripple’s interest in buying Celsius' assets

XRP price attempts a 15% rally on Ripple’s interest in buying Celsius' assets

XRP price shows a willingness to move above a significant resistance level, which it has attempted to do so for the past three months and failed each time. While this attempt is like any other and could fail, especially if the momentum is lacking. 

More Ripple news

Avalanche price makes a turn for the better

Avalanche price makes a turn for the better

Avalanche price shows classic ramping pattern accompanied with price ascension. AVAX price has breached the oversold level on the Relative Strength Index. If the technicals are correct, a breach of the $50 barrier could happen rapidly.

More Avalanche news

Binance Coin Price Prediction: Whales take naps at the shore

Binance Coin Price Prediction: Whales take naps at the shore

Binance coin shows reasons to believe in a market bottom. Traders should keep the smart contract giant on their watchlists throughout the summer. Binance coin price is beginning to show evidence of strength.

More Bitcoin news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP