- Crypto.com price is showing a tight consolidation with higher lows, suggesting a build-up of bullish momentum.
- Investors can expect a 20% rally from the current position to $0.0785 in the coming week.
- A daily candlestick closing below $0.0612 would invalidate the bullish outlook for CRO.
Crypto.com price action over the past two weeks has not been good for investors. The ongoing tight consolidation is likely to end on a good note, but will require support from Bitcoin, which is also coming under pressure.
Crypto.com price edges closer to a breakout
Crypto.com price decline since May 15 is clear, and the lower highs formed in this period can be connected with a trend line. However, over the past two weeks, CRO has produced a series of lower lows and lower highs, indicating a tight consolidation.
Interestingly, Relative Strength Index (RSI), a popular momentum indicator, made higher lows, indicating a slow build-up of bullish momentum. This non-conformity in Crypto.com price suggests that a trend reversal is likely.
As CRO bounces off the $0.0612 support level, the bullish outlook has a higher probability of playing out. In such a case, market participants can expect Crypto.com price to rise by 20% and mark the $0.0785 barrier.
Although a further extension of the uptrend is unlikely, investors should consider the possibility of CRO retesting the confluence of the descending trendline and the intermediate resistance at $0.0923. This step will bring the total profit for investors from 20% to 43%.
CRO/USDT 1-day chart
Regardless of the optimism, investors should note that a breakdown of the critical support level at $0.0612 will invalidate the bullish thesis for Crypto.com price. This move would produce a lower low and signal a continuation of the downtrend.
Such a development for Crypto.com price could see it tank 15% and retest the $0.0520 support level.
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