Crypto.com price breaks out, bulls target a 15% rally

Crypto.com price has broken out of a falling wedge setup, indicating a bullish regime.
Although the pattern forecasts a 15% upswing to $0.136, investors can expect CRO to extend to $0.142.
A daily candlestick close below $0.108 will invalidate the bullish thesis and trigger a crash.

Crypto.com price has been in a tight consolidation for quite some time, but the recent breakout has triggered a bullish takeover. Going forward, investors can expect CRO to reach its target and potentially push higher.

Crypto.com price reacts swiftly

Crypto.com price crashed 37% since August 14 and set up two lower highs and three lower lows as a result. Connecting these swing points using trend lines results in a falling wedge. This bullish reversal formation forecasts a 21% upswing, determined by adding the distance between the first swing high and swing low to the breakout point at $0.112.

Crypto.com price broke the structure on September 23 as it produced a 13% gain on a single daily candlestick. Since then, CRO has retraced 11% and is currently hovering at $0.116. Going forward, investors can expect this run-up to continue toward equal highs at $0.126.

If the bulls breach through this hurdle, CRO will focus on reaching its theoretical target at $0.136, which would constitute a 15% gain. However, if the bullish pressure is high enough, Crypto.com price might attempt to retest the $0.142 barrier, bringing the total gain to 22%.

CRO/USDT 1-day chart

While things are looking up for Crypto.com price, a lack of buying pressure could undo a perfectly fine falling wedge breakout. A daily candlestick close below $0.108 will flip this support level into a resistance barrier, invalidating the bullish thesis.

Such a development could see Crypto.com price trigger a crash to $0.0985, which is the nearest stable support level.

Note:

The video attached below talks about Bitcoin price and its potential outlook, however, this is still relevant as it is likely to influence Crypto.com price.

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram