Crypto.com Price Prediction: Why 2023 could be the year for CRO believers
|- Crypto.com price rallied by 54% since the start of the new year to January highs.
- CRO could rally towards $0.12 if the uptrend holds.
- Invalidation of the bullish outlook would constitute a breach below $0.054.
Crypto.com price could present a profitable opportunity for investors to partake in the coming weeks. Technical indicators have been evaluated to assess possible outcomes for the Ethereum-based exchange token.
Crypto.com price aims for untagged liquidity
Crypto.com price is showing optimistic signals going into the third trading week of the month. To recap, CRO rose by 54% since January 1 to a monthly high of $0.0857 on January 16, before correcting lower. The newfound rally shows strength in volume and momentum, which means the move north may be in the initial stages of a much larger swing trade.
Crypto.com price currently auctions at $0.072.The volume indicator has shown a classic ramping signal during the recent surge, which could be interpreted as bullish confidence. The Relative Strength Index (RSI), an indicator used to gauge momentum by comparing and contrasting previous swing points, shows the current uptrend as a genuine impulse wave since it has breached extremely overbought conditions tagging 80 on the RSI.
CROUSDT 1-day chart
The last time the RSI tagged 80 was in September of 2021. CRO breached the $0.20 level, followed by a 27% pullback into the $0.14 zone. CRO would then go on to rally over 300% into an all-time high at $0.97 within two months.
If the Crypto.com price is as bullish as the technicals suggest, the CRO price could rally toward November’s monthly high at $0.128. A barrier breach would result in a 70% increase from CRO’s current market value.
For traders looking to partake in the move, invalidation of the bullish thesis would be a breach below the January 1 swing low at $0.054. If the breach occurs, the Crypto.com price will go into price discovery to the downside with unforeseeable bearish targets. A tag of the invalidation alone would be a 22% loss.
This video details how Bitcoin price moves could affect Crypto.com 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.