Crypto

Crypto.com price consolidates, predicting 22% rally for CRO holders

  • Crypto.com price is experiencing a range tightening phase as it sits above the $0.108 level.
  • Investors can expect a bullish breakout that pushes it to $0.126 and $0.136.
  • A daily candlestick close below $0.108 will invalidate the bullish CRO thesis.

Crypto.com price appears to have reversed its breakout gains seen in the last week of September. This downtrend turned into a tight consolidation with no volatility. Investors may look away from CRO as long as this trend continues. However, market participants can expect an explosive move soon due to this range tightening.

Crypto.com price tightens ahead of explosive move

Crypto.com price set up a declining wedge between August 14 and September 22 as it crashed 37%. This downtrend has created two lower highs and three lower lows, which reveal a descending wedge when connected using swing points.

This technical formation forecasts a 21% rise to $0.136, obtained by adding the distance between the first swing high and the swing low at the breakout point at $0.112.

Although the initial breakout from the falling wedge was explosive and produced a 13% gain, it failed to hold. As a result, CRO crashed 14% and is currently hovering around $0.110, awaiting an explosive move.

Due to the heavy consolidation, market participants can expect Crypto.com price to trigger another breakout under perfect market conditions. This move will likely target highs equal to $0.126.

Removing this target will allow CRO bulls to set the downside wedge target at $0.136. In some cases, Crypto.com price could extend the run to retest the $0.142 hurdle, taking the total gain from 23% to 28%.

CRO/USDT 1-day chart

Despite the bullish breakout and optimism around Crypto.com price, a lack of buying pressure that drops CRO below $0.108 will create a lower low and invalidate the bullish thesis. This development could see the altcoin trigger a crash at the immediate support level at $0.0985, where buyers can step in and give the uptrend another shot.

To note:

The video attached below talks about the price of Bitcoin and its potential outlook, however, it remains relevant as it is likely to influence the price of Crypto.com.

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