Crypto.com (CRO) tokenIt showed a V-shaped recovery after the shock drop in January. This bounce was the result of increased buying pressure and a key support zone. While this development is positive, it cannot continue due to a massive blockade on its way.
Crypto.com (CRO) At A Crucial Crossroads
Crypto.com (CRO) The token has managed to gain a total of 35% since its local low of $0.324 on January 22. The rise stemmed from the deep three-day demand zone stretching from $0.316 to $0.401 and added a tailwind to the bullish momentum. As a result, the CRO rallied 35% to where it is currently trading – to $0.432.
Looking forward, traders can expect the Crypto.com token to rise another 12% before hitting $0.492 on a combination of 50-day and 100-day Simple Moving Average (SMA).
Due to the recent collapse, the long-term SMA has crossed below the short-term SMA, making it bearish. This resistance cluster will pose a serious threat to the uptrend that is likely to limit it. Traders looking for a long-term entry can do so at a retest of the $0.401 barrier and take a profit at $0.50.
Indicators CRO token Although the uptrend may not be sustained for longer, it will result in a retest of the three-day demand zone ranging from $0.316 to $0.401. An increase in the ‘sell look’ pushing the CRO to produce a daily candlestick near $0.316 would create a lower low, invalidating the bullish thesis.
In such a scenario, traders might consider placing a stop-loss just below $0.316, which roughly coincides with the 200-day SMA.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.