- 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.
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.