Crypto.com price shows a vital level that traders must pay attention to before entering any positions


  • Crypto.com coins are stabilising around $0.1880 as price action consolidates.
  • CRO price shot through a near-term pivotal level and is holding the area above.
  • Expect to see a pop higher, toppling $0.20 in the process, and a rally towards $0.30.

Crypto.com coins (CRO) are trying to face the headwinds arising after a few consecutive days of gains. A pullback or some profit-taking is now to be expected  as the backdrop sees traders focus back on inflation and recession fears, and as the relief rally from China ending its lockdowns fades. Expect $0.1833 to turn from resistance into support and see CRO price pump higher towards $0.3000.

CRO price will add 56% gains in the first trading week of June

Crypto.com coins are seeing traders gearing up for a hot summer as more signals are emerging that investors are fed-up with the current turn of events, in which  most asset classes have been in a downtrend since February. A turn in sentiment is more than possible despite the daily wear and tear that goes on in global markets where sentiment can switch 180 degrees overnight. For example, where on Monday, markets were all rosy and sunshine and lollipops, on Tuesday dark clouds dominated,  as inflation fears and recession woes took over. 

CRO price sees investors sitting on their hands, not giving up on their acquired positions but not adding to them. This has resulted in the Relative Strength Index flatlining and price action not going anywhere. The fact that bulls can keep control of the price action above $0.1833 and have even already tested it as support, suggests this area will not fall into the hands of bears anymore. Instead, CRO price is more likely to rally upwards towards $0.25 in the first jump and next $0.30 by the end of next week.

CRO/USD daily chart

CRO/USD daily chart

The risk traders have with inflation worries and recession risks on the horizon is that this is not a theme or catalyst that could fade overnight. A broad global topic like this needs several data points and central bank interventions from multiple big economies to turn it around and is thus likely to be a key theme for months to come. This could limit upside potential and even weigh so badly that it could push price-action back below $0.1833 and see it drop back to $0.1600.

 


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


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

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.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

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.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

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.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

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.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

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. 

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP