Why Crypto.com price is set for another 20% gain
- Crypto.com price rises in stairstep fashion on the 2-hour chart.
- CRO price has successfully breached and retested the 8- and 21-day simple moving averages.
- Invalidation of the bullish uptrend has been moved into profit from $0.10 to $0.12.
Crypto.com price has risen 10% over the weekend. The bullish influx is taking traders by storm as the crypto market is witnessing the strongest recovery since the last week of June. Still, the market shows further upside potential.
Crypto.com price has more upside potential
Crypto.com price ascends in wedge-like formation, which is likely to prematurely entice bears to open short positions. Although the technicals display questionable bullish evidence, traders should stay with the uptrend as wedge-like patterns can also result in extreme liquidity spikes. If the crypto market is genuinely bullish, the second attempt at the $0.1320 price zone could be the catalyst to an additional 20% gain for CRO price, targeting $0.1575.
Crypto.com price, at the time of writing, auctions at $0.1286. Traders who participated in last week’s bullish trade setup are in profit 10%. Over the weekend, the bulls broke and retested the 8- and 21-day simple moving averages (SMAs). The bullish hurdle suggests a healthy uptrend is still intact. Bears convinced of a bull trap should consider waiting for the bottom end of the trend line to get breached at $0.12.
CRO/USDT 3-Hour Chart
Thus, invalidation of the bull trend has been moved into profit from $0.10 a to tight $0.12. If the bears can breach this level, they should create a profit-taking frenzy targeting $0.11, resulting in a 13% decrease from the current Crypto.com price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
