- CRO price seems ready for a swift bounce after hitting a crucial defense line.
- A critical technical indicator strongly suggests an upcoming bullish reversal for Crypto.com.
- The token might witness another 60% surge if it slices past $0.55.
Crypto.com (CRO) might be preparing for a swift recovery as the altcoin secured dependable support of around $0.44. A vital technical indicator shows CRO might have created a local bottom, contemplating to reverse the underperformances that dominated over the past session.
CRO Price Eyes $0.55 Next
The twelve-hour chart shows CRO price created a symmetrical triangle setup. Though the exchange coin has dropped towards the governing technical pattern’s lower border at $0.43, Crypto.com secured a dependable footing at the mark.
The Momentum Reversal Indicator has displayed a second successive bottom signal, strongly indicating a potential price bounce for CRO. The token will have its first resistance level around the 23.6% FIB retracement area at $0.48, then 21 12-hr SMA at $0.50.
CRO price will also encounter a hurdle at 38.2% FIB retracement at $0.52, then the 50% 12hr Simple Moving Average at $0.54. Success here will see Crypto.com bulls aiming the 50% retracement zone at $0.55, matching the prevailing chart’s upper boundary.
If CRO manages to surge past the mentioned upward target, it might experience another 60% surge to $0.88, the governing technical setup’s aim.
If selling pressure intensifies, the exchange currency might secure the nearest support at 200 12-hour Simple Moving Average at $0.44. Another barrier will emerge at the symmetrical triangle pattern’s lower boundary at $0.43.
Meanwhile, CRO slicing under the mentioned defense line will translate to further drops towards the 8 November peak of $0.41, then the 5 November high at $0.38.
For now, Crypto.com’s road with fewer challenges seems the upside one. Bulls appear determined to keep vital support for steady upside. Meanwhile, broad market sentiment is essential for altcoin’s actions. As the crypto space depicts bullishness now, CRO will utilize the tailwinds to surge high. Surging past $0.55 will mean an additional 60% upward move for the token.
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