CRO bulls are aiming to turn the $0.512 resistance into support
Crypto.com CRO price is trading around a number of support levels, suggesting downside risk is limited. Buying pressure does not appear to be in place just yet, but investors can expect CRO to see a strong rally towards key hurdles.
CRO aims higher
CRO price has made three lows around the $0.441 support since Jan 8, forming a triple reversal pattern. This setup predicts that the downtrend is coming to an end and an uptrend will start soon.
Support for the bullish thesis is a formation in the daily demand zone, which ranges from $0.384 to $0.456. Therefore, investors should expect to see a rapid build-up of buying pressure that will push it to the immediate resistance of $0.512.
If buyers group together, the token is very likely to turn this resistance into support to facilitate the next phase of the rally. The weekly resistance at $0.562 will be the next target for the bulls, up 21% from where it is right now.
USDT 4 hour chart. Source: TradingView
Despite the bullish outlook and strong support in the current position, the CRO needs to be on the lookout for a market crash. If this potential flash crash knocks out CRO to create a four hour candle that closes below the $0.384 support, it will create a lower low and invalidate the bullish thesis.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Join CoinCu Telegram to keep track of news:Â https://t.me/coincunews
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CRO bulls are aiming to turn the $0.512 resistance into support
Crypto.com CRO price is trading around a number of support levels, suggesting downside risk is limited. Buying pressure does not appear to be in place just yet, but investors can expect CRO to see a strong rally towards key hurdles.
CRO aims higher
CRO price has made three lows around the $0.441 support since Jan 8, forming a triple reversal pattern. This setup predicts that the downtrend is coming to an end and an uptrend will start soon.
Support for the bullish thesis is a formation in the daily demand zone, which ranges from $0.384 to $0.456. Therefore, investors should expect to see a rapid build-up of buying pressure that will push it to the immediate resistance of $0.512.
If buyers group together, the token is very likely to turn this resistance into support to facilitate the next phase of the rally. The weekly resistance at $0.562 will be the next target for the bulls, up 21% from where it is right now.
USDT 4 hour chart. Source: TradingView
Despite the bullish outlook and strong support in the current position, the CRO needs to be on the lookout for a market crash. If this potential flash crash knocks out CRO to create a four hour candle that closes below the $0.384 support, it will create a lower low and invalidate the bullish thesis.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Join CoinCu Telegram to keep track of news:Â https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
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