Crypto.com price could reclaim grounds as bulls aim for $0.46

Crypto.com price has printed five waves down and could be due for a counter-trend rally
CRO has fallen back into the previous resistance zone
Invalidation is a touch at $0.375

Crypto.com price could rally upwards of 10% to $0.46 if the technicals are correct.

Crypto.com price says a retracement is due

Crypto.com price has been a fun chart to trade amongst analysts and professional traders. Last month A 20% rally was captured, followed by a clear sell signal at $0.50 that was also documented. Many traders now have their eyes set on Crypto.com price retesting the breached parallel channel. Yes, CRO price will eventually come back to test the trend, but a counter-trend rally to fake out early bears may happen first.

Crypto.com price was predicted to impulsively decline into these levels following last week’s 5th wave truncation. The bears have managed to short the digital asset in 3 clear swings, which is typical for corrective structures following uptrend rallies. After analyzing the three swing decline, there is evidence that the first five waves have occurred, and now a larger counter-trend rally is due before more drops commence.

CRO/USDT 6-Hour Chart

Crypto.com price has targets at $0.46 if the technicals are correct. There is the overall divergent trend line in this zone and choppy wave four price action of a smaller degree. The crypto.com price has fallen into the last resistant zone before the uptrend rally, which is bullish in its own right.

Invalidation of the uptrend is currently the swing low at 0.39, but a safer invalidation could be a close below $0.375. If the CRO price breaks $0.375, consider the downtrend correction unfinished and will likely bring the price back to retest the breached parallel trend channel at $0.34, resulting in a 17% decrease from the current 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