- Crypto.com price is trading sideways over the weekend, seeing bulls buying at the low-end of the range.
- CRO price action looks ready for bulls to jump above three price caps at once.
- Expect a 10% pop somewhere this week with an additional catalyst to set fire to the fuse.
Crypto.com (CRO) price has been trading to the upside in a relief rally on Friday and Saturday but then saw a paring back of those gains on Sunday and early this morning. Bulls came in quickly to buy the dip, and the momentum was set for them to take out three key resistances at once. Before that happens, an additional catalyst is needed to light the fuse for the dynamite breakout to $0.46.
Crypto.com price set to jump
Crypto.com price action had an excellent leg-up during the relief rally from last week, but over the weekend remained subdued below $0.4244, which is the 76.4% Fibonacci level that coincides with the 55-day Simple Moving Average (SMA). On Sunday, even a complete pairing back happened from the gains booked on Saturday. The price action has come to a tipping point, and just one catalyst could be enough to blow CRO price action sky high and take out three toppish elements on the way.
CRO price action will first need to address the 76.4% Fibonacci level mentioned in the paragraph above. The following fundamental level after that is the $0.4384 level that has seen tremendous respect in the past from both upside and downside moves. The monthly pivot at $0.4450 is the last line of defence before bears get squeezed out and see their stop-losses hit, opening more room for bulls into the next trading week.
CRO/USD daily chart
Markets may have got too far ahead of themselves in pricing in a peace agreement. Seeing the strong language from Russia this morning on Mariupol and the tight window of escape before heavy bombing takes place shows that Russia is reverting to more heavy violence and has no interest in preserving any cities along the way to gain control of specific areas. With that in mind, expect peace talks to be ongoing and start to be a long process, weighing on the sentiment of traders that do not see their prepositioning paying off. This might lead to them cutting their positions and in the process pushing CRO back to $0.34 with the monthly S1 support and the low of February 24 as anchors.
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.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.