- Crypto.com token is likely to retrace to the support level at $0.355 before rebounding.
- This downswing will provide an opportunity for buyers to accumulate before a 33% upswing.
- A breakdown of the $0.316 support floor will invalidate the bullish thesis for CRO.
Crypto.com token faced rejection after setting up a local high around a resistance barrier. The resulting downswing is likely to continue lower, providing short-term buyers an opportunity to capitalize on the incoming gains.
Crypto.com to enter an opportunity zone
Crypto.com token has been trading below the declining trend line for more than two months. The recent rejection was due to the presence of this hurdle. Investors can expect CRO token to retrace deep into the 3-day demand zone, extending from $0.316 to $0.401.
The support level at $0.355 is likely where Crypto.com token will see some buying pressure creep in, slowing down the descent. This move will provide an opportunity for sidelined buyers to accumulate CRO, triggering a resurgence of bullish momentum.
The resulting spike in bid orders could be the key to starting an upswing that pushes CRO beyond the declining resistance barrier. Investors can expect the Crypto.com token to tag the $0.475 hurdle, signaling a 33% ascent.
CRO/USDT 1-day chart
On the other hand, if Crypto.com token fails to slow down around $0.355, it will indicate an increased sell-side pressure. If this downswing pushes CRO to produce a daily candlestick close below $0.316, it will create a lower low, invalidating the bullish thesis.
This development could see Crypto.com crash nearly 30% to $0.224, where buyers can band together and attempt a comeback.
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
XRP eyes $0.6640 as Ripple CEO tips Trump to fire Gensler on first day in office
Ripple's XRP is up over 5% on Wednesday and could extend its rally to $0.6640 as the Securities & Exchange Commission may not file its appeal brief against the company due to Donald Trump's presidential election victory.
What's next for Bitcoin and Crypto industry following Trump's victory in US Presidential election
The 2024 US presidential election ended with pro-crypto advocates leading the House of Representatives, the Senate, and Donald Trump as the president-elect. The results stirred massive celebration across the crypto industry, with Bitcoin and the crypto market rallying following Trump's win.
Crypto Today: All Bitcoin holders in profit, TRON partners with Chainlink, DOGE miners in $145M buying spree
Bitcoin price reached a new all-time high of $75,120 on November 6 as markets reacted to Donald Trump’s victory in the 2024 US presidential election. The global cryptocurrency sector valuation grew by $190 billion within the daily time frame as bullish momentum spilled over into the altcoin market.
Coinbase’s Paul Grewal urges SEC to embrace change on crypto after Trump's victory
Paul Grewal, Coinbase's Chief Legal Officer, has asked the US Securities & Exchange Commission to reconsider how it regulates cryptocurrencies now that Donald Trump has been elected to a second term as president.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
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.