- CRO might retrace toward the support floor of $0.355 before a rebound.
- The downward movement will offer buyers an accumulation opportunity before a 33% upsurge.
- Violating the support level of $0.316 will cancel Crypto.com’s bullish thesis.
Crypto.com (CRO) encountered rejection after forming a local peak near a resistance level. The resulting downside move is likely to persist, presenting near-term buyers a chance to accumulate the token at discounted prices.
CRO to Dip Into Opportunity Region
Crypto.com coin has traded beneath the declining trend-line for over two months. The latest rejection emerged because of this obstacle. Market participants may expect the alternative crypto to retrace more into the three-da demand territory, stretching between $0.316 and $0.401.
Crypto.com may see buying momentum emerging around the support floor of $0.355, slowing the downward journey. Such a development will offer sidelined buyers an opportunity to accumulate, catalyzing buying momentum resurgence.
The resulting surge in bid orders may be vital to kick-start an upsurge that pushes the alt above the plunging resistance hurdle. Investors may witness CRO tagging the obstacle at $0.475, suggesting a 33% upswing.
Meanwhile, Crypto.com’s failure to slow down near the barrier of $0.355 will confirm surged sell-side momentum. That will mean more downward push for the token. A daily candle close under $0.316 will authorize a lower low, violating the bullish case.
With that, the alternative coin might plummet towards the value area of $0.224, translating to a nearly 30% crash. However, buyers can try another comeback from this region.
For now, Crypto.com’s path with few hurdles is the downward one. The alt will likely rebound after hitting the level of $0.355. The downswing will offer participants an accumulation opportunity as CRO contemplates a 33%. However, bulls should ensure the support barrier at $0.316 to keep the optimistic case in play. Sliding beneath the level will ruin the bullish thesis for Crypto.com.
CRO price actions might depend on the global market sentiment. The crypto spectrum has presented unpredictable moves recently as bears seem dedicated to controlling prices at lower zones. Bitcoin struggles around the $37K mark, trading near $36,930 during this publication.
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