- Crypto.com coins have breached above the 55-day SMA level at $0.48.
- CRO surfs on the tailwinds that emerged after positive news out of Russia.
- Expect to see a further uptick throughout the trading day as more bulls join the rally.
Crypto.com (CRO) coin's price action is further building on the solid rally that has been formed since last week, with the departure point around $0.40. In the meantime, the monthly pivot, the 76.4% Fibonacci level, and since yesterday the 55-day Simple Moving Average (SMA) have all been overturned from resistance into support. With this move, $0.53 looks set as the price target for today, with $0.62 as the ultimate target for this week offering a 25% gain.
Who can say no to 25% gains?
Crypto.com coins are steady as she goes, as the market woes have had no impact these past few days on the trend of CRO price action. With more and more upside to come, several key elements are being formed into support as bulls march on. For this week, the price target looks set at $0.62, around the 50% Fibonacci level, bringing investors back to levels not seen since December 28.
CRO price action today is currently surfing on some positive news from the meeting between Macron and Putin and some old Trump tariffs on steel imports that have been erased by a new trade truce between the US and Japan. Expect this momentum to keep going during the European session and heading into the US session, offering some low-bearing fruit around $0.53, with the 61.8% Fibonacci level as the first target to the upside. That would mean that today, an easy profit of around 8% could be hard to refuse.
CRO/USD daily chart
These tailwinds came out early today, and some counter comments could quickly be posted to break the current fragile positive sentiment. That would see CRO price action being pushed back toward the opening price around $0.49, which would see bears possibly test the 55-day SMA at $0.48. Pressure could start to mount, and if markets would roll over and erase positive numbers for the day, expect a dip further toward $0.45 with the monthly pivot and the 76.4% Fibonacci level at $0.42 in the way of double support.
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.
Recommended Content
Editors’ Picks
Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback
Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead.
GIGA investor loses $6M to phishing scam via fake Zoom link
On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show
Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.
BNB: Bullish technical pattern validated, eyes all-time high
Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
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.