Can Crypto.com price regain lost ground and retest $0.50
|- Crypto.com price bounced off the triple bottom pattern on February 24 and attempted to retest $0.51.
- After a failed attempt and retracement to $0.437, CRO is giving this rally another go.
- A daily candlestick close below $0.437 will invalidate the bullish thesis.
Crypto.com price is at an interesting point after the recent drawdown. Interested investors can view the pullback as an opportunity to accumulate CRO at a discount. A bounce off the immediate support level is likely to trigger another run-up that would attempt to retest failed resistance barrier.
Crypto.com price to pull a reversal
Crypto.com price set up a triple bottom by bouncing off the $0.355 support level thrice. The last tag of this barrier was followed by a 45% upswing to $0.502. However, the uptrend plateaued around $0.484, leading to a steep correction that was due to the recent flash crash in Bitcoin price.
After dropping nearly 10%, Crypto.com price is retesting the $0.437 support level. A consolidation or a quick bounce could trigger an upswing for CRO. This emerging rally is likely to make a run for the $0.512 resistance barrier after failing to do so on the first try.
Hence, investors can expect a quick 16% ascent in the coming days for Crypto.com price.
CRO/USDT 1-day chart
Supporting this move higher for Crypto.com price is IntoTheBlock’s Global In/Out of the Money (GIOM) model. This index shows a massive cluster of investors ranging from $0.40 to $0.20 serving as a support floor.
These 29,000 holders purchased roughly 80 billion CRO tokens at an average price of $0.315 and are likely to accumulate more if the price dips into their area. Hence, an uptrend seems likely. Further adding credence to an upswing is the lack of resistance barriers for CRO.
CRO GIOM
A daily candlestick close below $0.437 will flip the support into a resistance barrier, invalidating the bullish thesis for Crypto.com price. Such a development will open the path for CRO to crash by 8% and retest the three-day demand zone, extending from $0.316 to $0.399.
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