Crypto.com price breaks out, bulls target a 15% rally
|- Crypto.com price has broken out of a falling wedge setup, indicating a bullish regime.
- Although the pattern forecasts a 15% upswing to $0.136, investors can expect CRO to extend to $0.142.
- A daily candlestick close below $0.108 will invalidate the bullish thesis and trigger a crash.
Crypto.com price has been in a tight consolidation for quite some time, but the recent breakout has triggered a bullish takeover. Going forward, investors can expect CRO to reach its target and potentially push higher.
Crypto.com price reacts swiftly
Crypto.com price crashed 37% since August 14 and set up two lower highs and three lower lows as a result. Connecting these swing points using trend lines results in a falling wedge. This bullish reversal formation forecasts a 21% upswing, determined by adding the distance between the first swing high and swing low to the breakout point at $0.112.
Crypto.com price broke the structure on September 23 as it produced a 13% gain on a single daily candlestick. Since then, CRO has retraced 11% and is currently hovering at $0.116. Going forward, investors can expect this run-up to continue toward equal highs at $0.126.
If the bulls breach through this hurdle, CRO will focus on reaching its theoretical target at $0.136, which would constitute a 15% gain. However, if the bullish pressure is high enough, Crypto.com price might attempt to retest the $0.142 barrier, bringing the total gain to 22%.
CRO/USDT 1-day chart
While things are looking up for Crypto.com price, a lack of buying pressure could undo a perfectly fine falling wedge breakout. A daily candlestick close below $0.108 will flip this support level into a resistance barrier, invalidating the bullish thesis.
Such a development could see Crypto.com price trigger a crash to $0.0985, which is the nearest stable support level.
Note:
The video attached below talks about Bitcoin price and its potential outlook, however, this is still relevant as it is likely to influence Crypto.com price.
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