Crypto.com token prepares for a 20% lift-off as CRO paints this bullish pattern
- Crypto.com token shows the formation of a triple bottom setup at $0.441, suggesting an uptrend is on its way.
- Investors can expect CRO to retest $0.512 and experience a slowdown before hitting its 21% target at $0.562.
- A breakdown of the $0.384 support level will invalidate the bullish thesis.
Crypto.com price is trading around a massive cluster of support levels that suggest downside risks are limited. The buying pressure does not seem to have kicked in yet, but investors can expect CRO to witness a sharp rally to crucial barriers.
Crypto.com eyes a higher high
Crypto.com set up triple swing lows around the $0.441 support floor since January 8, giving rise to a triple bottom reversal pattern. This setup forecasts that the downtrend is nearing its end and that an uptrend will begin soon.
Supporting this bullish thesis is its formation in the daily demand zone, extending from $0.384 to $0.456. Therefore, investors should expect CRO to see a quick surge in buying pressure that propels it to the immediate resistance barrier at $0.512.
If buyers band together, there is a good chance Crypto.com token can flip this hurdle to a support floor that facilitates the next leg of the rally. The weekly resistance barrier at $0.562 will be the bulls’ next target, representing a 21% ascent from the current position.
CRO/USDT 4-hour chart
Regardless of the bullish outlook and the strong support level below the current position, Crypto.com needs to be wary of a market crash. If this potential flash crash knocks CRO to produce a four-hour candlestick close below the $0.384 support level, it will create a lower low and invalidate the bullish thesis.
Author
Akash Girimath
FXStreet
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.
