- Crypto.com price is struggling to move past the $0.122 barrier and establish a directional bias.
- Investors can expect a 13% drop if CRO breaks below the 34-four-hour EMA at $0.120.
- A four-hour candlestick close above the 200 four-hour EMA at $0.134 will invalidate the bearish thesis.
Crypto.com price has been trading inside a range that was formed around mid-June 2022. The recent attempt to retest the range high was unsuccessful and could lead to a steep correction, especially if the Bitcoin price also corrects.
Crypto.com price ready for its next move
Crypto.com price rallied 35% between June 18 and June 26, setting up a range, extending from $0.098 to $0.133. After the initial recovery rally, CRO retraced 18% and slipped below the midpoint at $0.115 briefly.
However, bulls made a comeback and recovered Crypto.com price above it and attempted a run-up. The confluence of the intermediate resistance level at $0.122, 8 four-hour Exponential Moving Average (EMA) and the 34 four-hour EMA at roughly $0.121 prevented the altcoin from moving higher.
As a result, investors can expect this rejection to knock Crypto.com price down by 13% into the daily demand zone, ranging from $0.098 to $0.106. While the downtrend might seem bearish, a bounce off the demand zone is where bullish moves are likely to kick start.
CRO/USDT 4-hour chart
On the other hand, if Crypto.com price produces a four-hour candlestick close above the 200 four-hour EMA at $0.134, it will indicate that the bullish momentum is back. This development will essentially flip major hurdles into a support level.
Such a development will invalidate the bearish thesis for CRO, but it will not end the problems for bulls. A successful flip of the $0.140 will indicate that Crypto.com price is ready for more gains.
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
Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?
Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.
SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players
US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure.
Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns
The crypto market has been facing hurdle after hurdle since Q2 2022 when Three Arrows Capital collapsed, which worsened in November 2022 following the bankruptcy of FTX. This led to a number of crypto companies falling.
Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?
BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC).
Bitcoin: Breaking down key BTC levels to accumulate for Q2, 2023
Bitcoin price shows an interesting outlook as the first quarter of 2023 comes to an end. BTC has shown strength since day one of 2023 and has netted investors approximately 70% in returns.