2023-2-17 20:30 |
The Crypto.com (CRO) price has regained its footing after a correction and could continue its upward movement.
The CRO price broke out from a descending resistance line on Jan. 7. It continued its increase until reaching a high of $0.087 on Feb. 4. The price fell afterward and validated the $0.074 horizontal area as support. This is a crucial area since it had previously provided resistance for more than two months.
The entire downward movement was preceded by a bearish divergence in the daily RSI (green line). The indicator is now at 50, a sign of a neutral trend. Moreover, it has not broken out from its bearish divergence trend line. Until it does, the trend cannot be considered bullish.
If the ongoing bounce continues, the closest resistance area would be at $0.091. This is the 0.5 Fib retracement resistance level and a long-term descending resistance line.
A breakout from this line would confirm that the trend is bullish. In that case, the price could increase toward at least $0.130.
However, if the CRO token price breaks down from the $0.074 support area, a fall toward $0.055 could follow.
CRO/USDT Daily Chart. Source: TradingView Crypto.com (CRO) Price Set to Resume Its Upward MovementThe short-term six-hour price action suggests that the CRO price is in the fifth and final wave of an upward movement (black). The defining characteristic of this formation is the ascending parallel channel which contains wave four.
Using an external retracement on wave four, the most likely target for the top of the movement is at $0.093. It is found using the 1.61 external retracement of this wave.
However, this bullish forecast would be negated by a drop below the wave four lows at $0.072 (red line). In that case, the trend would be considered bearish. Therefore, the CRO coin price could fall toward $0.05.
CRO/USDT Six-Hour Chart. Source: TradingViewTo conclude, the most likely CRO price forecast is an increase toward $0.093. However, a fall below $0.072 would invalidate this bullish forecast. In that case, the CRO price could fall toward $0.050.
For BeInCrypto’s latest crypto market analysis, click here.
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