Crypto.com token shows strength, hinting at a 20% rally for CRO
|- Crypto.com token is bouncing off the daily demand zone, extending from $0.384 to $0.456.
- Investors can expect a 20% upswing that allows CRO to retest the $0.545 resistance barrier.
- A breakdown of the $0.316 support level will invalidate the bullish thesis.
Crypto.com token has shown a palpable bounce after retesting a support confluence. Although CRO seems to be slowing down from a short-term perspective, this is just the beginning. Investors can expect the altcoin to retest the immediate resistance barrier.
Crypto.com token eyes higher high
Crypto.com token dropped 27% between January 2 and January 10, leading to a retest of the daily demand zone, extending from $0.384 to $0.456. Interestingly, this support area also harbors the 100-day Simple Moving Average (SMA) at $0.448, which also helped CRO bulls find their footing.
A bounce off these barriers, allowed Crypto.com token to rally 13% to where it currently stands. Going forward, investors can expect CRO might retrace $0.464 before it propels higher. The $0.545 resistance barrier is the first hurdle and is roughly 20% away from the current position.
Clearing this level will allow Crypto.com token to make a run for the subsequent barrier at $0.587, bringing the total gain to 26%.
CRO/USDT 1-day chart
On the other hand, if Crypto.com token fails to hold above the daily demand zone extending from $0.384 to $0.456, it will indicate a weakness among buyers. However, CRO has a 3-day demand zone, stretching from $0.316 to $0.417 overlapping with the daily support area. Therefore, the downside for CRO seems unlikely.
However, if the sellers push Crypto.com token to produce a daily close below $0.316, it will create a lower low and invalidate the bullish thesis.
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