Market

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.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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