Crypto.com price may pull back before hitting $0.50
|- Crypto.com price is having difficulty in moving above a critical Fibonacci retracement.
- Resistance within the Ichimoku Kinko Hyo system also weighs on further near-term upside potential.
- A small pullback is increasingly probable, but the magnitude of the decline is likely minimal.
Crypto.com price may face a temporary and muted pullback due to the combined resistance levels of the 50% Fibonacci retracement and top of the Ichimoku Cloud (Senkou Span A) at $0.445.
Crypto.com price could retrace 6% to retest the bottom of the Ichimoku Cloud at $0.41
Crypto.com price hit the entry level of a hypothetical long setup identified on March 22, 2022. The entry confirmed a Bear Trap pattern in Point and Figure and simultaneously converted the $0.01/3-box reversal Point and Figure chart into a bull market.
If momentum remains strong and continues to push CRO price higher, that $0.55 profit target from the hypothetical long setup is likely to hit very soon. From an Ichimoku perspective, a close above $0.45 would confirm an Ideal Bullish Ichimoku Breakout and invalidate another trade idea identified on March 22 - a theoretical short setup.
CRO/USDT Daily Ichimoku Kinko Hyo Chart
The theoretical short entry for Crypto.com price remains a sell stop at $0.36, a stop loss at $0.40, and a profit target at $0.24.If the short idea is activated, it would confirm two extremely bearish Point and Figure patterns: a Descending Triple Bottom and a Bullish Fakeout. But if bulls push CRO to $0.45, this short idea is invalidated.
CRO/USDT $0.01/3-box Reversal Point and Figure Chart
Because of the resistance at $0.445, a small pullback to test the bottom of the Ichimoku Cloud (Senkou Span A) is very likely. In that scenario, the daily Tenkan-Sen would likely be near the bottom of the Ichimoku Cloud, enchancing that support level.
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