- Crypto.com price faced significant selling pressure after Fed policy notes and Chairman Powell's presser concluded.
- Rejection occurred at an Ichimoku level that could trigger a resumption of the prior bearish price action.
- Upside potential exists but may be hampered due to strong resistance zones ahead.
Crypto.com price was handed a massive rejection move during the Wednesday trade session – as did the broader cryptocurrency market. As a result, the interpretation of Wednesday's candlestick leans heavily on the bearish side of the trade, but a continuation move south is not a foregone conclusion.
Crypto.com price may dip to retest recent support before resuming an uptrend
Crypto.com price may be positioned for a retracement to the 61.8% Fibonacci retracement at $0.37. However, the daily oscillators give mixed signals on how likely that drop may be. The Relative Strength Index is in neutral territory and of no help in determining a bias. The Optex Bands oscillator, on the other hand, is just turning up and moving out of extreme oversold conditions – signaling a likely bull move coming up.
Conversely, the Composite Index has a higher high while the candlestick chart has a lower high – a condition known as hidden bearish divergence, a warning sign that the current corrective move higher is likely to terminate and the trend will continue south. If CRO bulls can push a close above $0.47, that would invalidate the hidden bearish divergence.
CRO/USDT Daily Ichimoku Kinko Hyo Chart
While a return to $0.37 for CRO price is the more likely move, a close above the Tenkan-Sen at or above $0.40 would give any short-sellers pause and could entice bulls who are on the sidelines to participate. Upside potential is limited to the $0.50 value area.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.