|

Will Bitcoin bulls support Crypto.com price to rally 34%

  • Crypto.com price coils up inside a symmetrical triangle setup, hinting at a 35% breakout.
  • A bounce off the lower trend line could result in a bounce that leads to a bullish move to $0.472.
  • If CRO produces a daily candlestick close above $0.47, it will invalidate the bullish thesis.

Crypto.com price is getting squeezed between two converging trend lines, suggesting a lack of volatility. However, the possibility of a bull run-up depends solely on the assumption that CRO bounces off the support level it is currently tagging.

Crypto.com price needs to pull a 180

Crypto.com price is coiling up as the cryptocurrency market loses directional bias due to the recent downswing. CRO, on the other hand, is getting squeezed between two converging trend lines creating lower highs and higher lows. 

This price action is known as a symmetrical triangle and the technical formation forecasts a 34% move, determined by adding the distance between the first pivot high and low of the triangle to the breakout point.

Currently, CRO is grappling with the lower trend line that coincides with the support level at $0.405. A resurgence of buyers here could lead to a bounce that will propel it to the upper trend line. 

A daily candlestick close above $0.472 will indicate a bullish breakout. In such a case, the $0.644 target can be obtained by adding the 34% distance to $0.472. 

CRO/USDT 1-day chart

CRO/USDT 1-day chart

Regardless of the optimisms, the bullish thesis rests on the assumption that CRO manages to bounce off the symmetrical triangle’s lower trend line. However, a failure to do so could trigger a bearish breakout.

In such a case, Crypto.com price will have the $0.355 support level to cauterize the bleed. If buyers do not step up here, there is a good chance CRO could crash to $0.260.

Author

Akash Girimath

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.

More from Akash Girimath
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs. 

Luna Classic soars 20% as Do Kwon's sentence hearing looms

Luna Classic surges 20% on Friday, extending its recovery for the fourth consecutive day. Roughly 959 million tokens have been burned in December so far, fueling LUNC's recovery.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000. 

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.