How to catch the next trade setup for Crypto.com price
- Crypto.com price reveals a struggle between the bulls and bears around the $0.202 barrier.
- A flip of this level could trigger a 24% run-up to $0.249.
- A daily candlestick close below $0.139 will invalidate the bullish outlook for CRO.
Crypto.com price faces a decisive moment as it trades under a significant barrier for roughly a week. The bullish outlook and a recovery rally is dependent on the fact that CRO manages to overcome this hurdle.
Crypto.com price at wits' end
Crypto.com price correction has knocked it down 82% from its all-time high at $0.975 in November 2021. As seen in many altcoins, the downswing exacerbated into a massive flash crash after the first weekend in May. The main reason for the panic was the UST depeg and the subsequent crash of LUNA.
As a result, Bitcoin and the entire crypto ecosystem suffered a fatal setback. For Crypto.com price, however, it was a breach of the $0.376, $0.249 and the $0.202 support levels in under two weeks or so.
As CRO trades under the $0.202 hurdle, there is a make-or-break moment. A quick surge in buying pressure that flips this hurdle to a support level will trigger a recovery. However, if the sellers keep a tight leash, Crypto.com price could crash 26% and retest the immediate support level at $0.139.
Considering the bullish outlook of Bitcoin, the chances of a quick recovery are high. Therefore, investors can expect at least a 24% ascent to $0.249 after the flip of the $0.202 barrier.
CRO/USDT 3-day chart
On the other hand, a daily candlestick close below $0.139 will invalidate the bullish outlook and trigger a further crash for Crypto.com price. This development could see CRO descend to the $0.093 support level.
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.
