Crypto.com’s CRONOS price sees gains strength to break stiff resistance and target $0.46


  • Crypto.com price is trading sideways over the weekend, seeing bulls buying at the low-end of the range.
  • CRO price action looks ready for bulls to jump above three price caps at once. 
  • Expect a 10% pop somewhere this week with an additional catalyst to set fire to the fuse.

Crypto.com (CRO) price has been trading to the upside in a relief rally on Friday and Saturday but then saw a paring back of those gains on Sunday and early this morning. Bulls came in quickly to buy the dip, and the momentum was set for them to take out three key resistances at once. Before that happens, an additional catalyst is needed to light the fuse for the dynamite breakout to $0.46.

Crypto.com price set to jump 

Crypto.com price action had an excellent leg-up during the relief rally from last week, but over the weekend remained subdued below $0.4244, which is the 76.4% Fibonacci level that coincides with the 55-day Simple Moving Average (SMA). On Sunday, even a complete pairing back happened from the gains booked on Saturday. The price action has come to a tipping point, and just one catalyst could be enough to blow CRO price action sky high and take out three toppish elements on the way. 

CRO price action will first need to address the 76.4% Fibonacci level mentioned in the paragraph above. The following fundamental level after that is the $0.4384 level that has seen tremendous respect in the past from both upside and downside moves. The monthly pivot at $0.4450 is  the last line of defence before bears get squeezed out and see their stop-losses hit, opening more room for bulls into the next trading week.

CRO/USD daily chart

CRO/USD daily chart

Markets may have got too far ahead of themselves in pricing in a peace agreement. Seeing the strong language from Russia this morning on Mariupol and the tight window of escape before heavy bombing takes place shows that Russia is reverting to more heavy violence and has no interest in preserving any cities along the way to gain control of specific areas. With that in mind, expect peace talks to be ongoing and start to be a long process, weighing on the sentiment of traders that do not see their prepositioning paying off. This might lead to them cutting their positions and in the process pushing CRO back to $0.34 with the monthly S1 support and the low of February 24 as anchors.

 


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

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT News
Bitcoin: New all-time high at $78,900 looks feasible

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.

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