Why the CRO price will be hard to hodl
- Crypto.com price consolidates just above a previous bullish entry point.
- An 8-day simple moving average hover just below current price action
- Invalidation of the trend is a breach below $0.12
Cypto.com price remains in profit from this week’s bullish setup. Still, a liquidation is possible.
CRO price faces turbulence
CRO price witnesses back and forth price action to end the third trading week of July. On July 18, a bullish thesis was forecasted with the possibility of extended targets in the $0.15 zone
Crypto.com price ascended 10% before facing a sharp rejection near the $0.14 barrier. Traders who partook in the action are back to square one as CRO price hovers just above the breakeven entry point at $0.1311.
CRO price is still bullish in the short term, but a liquidation targeting the $0.12 zone is on the cards. A break below the 8-day moving average at $0.1280 could be the catalyst to promote the bearish market conditions
Invalidation of the uptrend is at $0.12. A breach of this level could give bears the power to target $0.10 resulting in a 20% decline from the current Crypto.com price.
In the following video, our analysts deep dive into the recent price action of CRO analyzing key levels of interest in the market. -FXStreet Team
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.
