- A bullish wave runs through the cryptocurrency market on Friday, causing numerous price bounces.
- Crypto.com price must stay above the 100-day SMA to consolidate its uptrend at $0.1562.
- As the IOMAP pattern points out, immense resistance could thwart the CRO’s attempt to close the gap at $0.1562.
Crypto.com price is trying to move higher to $0.1562 after embracing an important support zone at around $0.1092. CRO’s impending upward move largely hinges on its ability to clear the supply zone at $0.1237. The cryptocurrency market is generally bullish, with Bitcoin price recovering the $20,000 level and Ethereum price holding slightly above $1,700.
Crypto.com price leaves trail of key buy signals
Crypto.com’s price rebound allowed it to recoup most of the losses suffered this week. However, the token is far from out of the woods, especially considering the seller’s congestion zone at $0.1237. A four-hour daily close above this hurdle would lift the CRO – bringing it closer to its short-term target at $0.1406.
With the Moving Average Convergence Divergence (MACD) signal turning bullish, buyers are unlikely to rest until Crypto.com price climbs to $0.1562. The move into positive territory (above the middle line) strengthens the bullish hold.
Read more: Crypto.com Price Prediction: CRO in grave danger this week as traders eye $0.1062
CRO/USD four-hour chart
Weak hands can consider taking profits at $0.1237, assuming they followed the trend in its early days around $0.1092. The expected move to $0.1562 will not come without its fair share of challenges – starting with the 200-day simple moving average (SMA), currently at $0.1319. The other potential exit positions lie at $0.1406 and the ultimate target at $0.1562.
Crypto.com IOMAP Chart
According to IntoTheBlock’s IOMAP on-chain metric, Crypto.com’s price is following a relatively smooth path to the $0.2016-$0.3612 zone. Around 21,200 addresses bought 84.98 billion tokens in the range. As a result, a trend reversal is expected unless buyers maintain their aggressive momentum, aiming for higher levels towards $1.0000.
The same IOMAP pattern reveals the absence of significant demand areas, which leaves Crypto.com’s price in serious danger of a pullback.
It is worth mentioning that the 100-day SMA has the potential to turn into immediate CRO support. Crypto.com price needs strong demand areas to maintain its upward trend.
The 50-SMA will collaborate with the descending trendline to prevent the CRO from continuing to soar. Should the surge materialize, investors need to acclimate to a fresh set of declines – testing its major support at $0.1092.
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Crypto.com Price Takes Off at $0.1562, But That’s How Traders Can Avoid Sudden Trader Traps | Cryptocurrency
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