fxs_header_sponsor_anchor

Crypto.com price counts down before a 20% rally

  • Crypto.com price collects liquidity resting below equal lows at $0.1080, hinting at a reversal.
  • Investors can expect a carefree ascent to $0.1260 to collect the buy-stop liquidity.
  • A daily candlestick close below the range low at $0.0985 will invalidate the bullish thesis.

Crypto.com price has been on a downtrend since it formed a peak on August 3. This development has caused CRO to produce a string of lower lows and lower highs. However, on closer inspection, the altcoin reveals a liquidity run and a potentially bullish setup. 

Crypto.com price ready to explode

Crypto.com price swept below the equal lows at $0.1080 on September 15, and this move steepened over the next five days. However, the price action from August 3 shows that CRO has produced two distinctive lower highs and four lower lows.

These Crypto.com price swing points are connected using trend lines, which reveal a falling wedge pattern. This technical formation hints that a bullish reversal is forthcoming and forecasts a 21% upswing, determined by measuring the first swing high and swing low to the breakout point.

Although Crypto.com price has not produced a breakout, investors can expect it to occur around $0.1120, which puts the falling wedge target for CRO at $0.1360. However, judging by the price action, a conservative target is the liquidity resting above the equal highs formed at $0.1260.

CRO/USDT 1-day chart

While things are looking up for Crypto.com price, there is another equal low formed at the range low at $0.0985, which might be swept. Therefore, investors need to be generous with their stop-losses, especially if they decide to take up this trade.

On the other hand, if Crypto.com price produces a daily candlestick close below $0.0985 and flips the range low into a resistance level, it will invalidate the bullish thesis. This development could see CRO revisit the $0.0922 support floor.

Note: 

The video attached below talks about Bitcoin price and its potential outlook, which could influence Cardano price.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.