Crypto.com price looks ready for a 20% bounce as key support level holds
|- Crypto.com price appears ready to perform a quick bounce after tagging a critical line of defense.
- A key technical indicator strongly indicates that a bullish reversal is in the offing for CRO.
- If Crypto.com slices above $0.55, an additional 60% ascent may be on the radar.
Crypto.com price could be preparing for a quick recovery as the exchange token discovered reliable support at $0.44. A key technical indicator suggests that CRO may have formed a local bottom and is ready to reverse the period of sluggish performance.
Crypto.com price targets $0.55 next
Crypto.com has formed a symmetrical triangle pattern on the 12-hour chart. Although the exchange token has fallen toward the lower boundary of the governing technical pattern at $0.43, it has acted as a reliable foothold for CRO.
The Momentum Reversal Indicator (MRI) has presented a second consecutive bottom signal, strongly suggesting that a bounce may be in the offing for Crypto.com price.
The first line of resistance will emerge at the 23.6% Fibonacci retracement level at $0.48, then at the 21 twelve-hour Simple Moving Average (SMA) at $0.50.
Crypto.com price will also face an obstacle at the 38.2% Fibonacci retracement level at $0.52, then at the 50 twelve-hour SMA at $0.54. The bulls will target the 50% retracement level next at $0.55, coinciding with the upper boundary of the prevailing chart pattern.
If Crypto.com price slices above the aforementioned hurdle, an additional 60% climb toward $0.88, a target given by the governing technical pattern could be on the radar.
CRO/USDT 12-hour chart
If selling pressure increases, the exchange token may be able to discover immediate support at the 200 twelve-hour SMA at $0.44. An additional foothold will appear at the lower boundary of the symmetrical triangle pattern at $0.43.
However, if Crypto.com price slices below the aforementioned line of defense, CRO could slide further to reach the November 8 high at $0.41, then toward the November 5 high at $0.38.
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