Cryptocom 150x150logo 637399977312067518 Large price tightens, hinting at a 20% upswing

  • 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. 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. price edges closer to a breakout 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 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 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

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 price. This move would produce a lower low and signal a continuation of the downtrend.

Such a development for price could see it tank 15% and retest the $0.0520 support level.

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