Crypto.com pro shows early signs of a much stronger countertrend move. Key levels have been identified.
CRO price shows strength
Crypto.com price has pulled off an applaudable retaliation against the bearish stronghold it has suppressed since August. CRO, the Ethereum-based Crypto Exchange token, has tagged the $0.12 barrier after landing in the $0.10 zone two days prior.
Crypto.com price currently auctioning at $0.1231. The bulls have successfully breached the 8-day exponential and 21-day simple moving averages. The Volume Profile Indicator shows an influx of transactions amidst the 20% rally, which compounds the idea that a much larger move north could be underway.
Traders should be on the lookout for a pullback into the recently breached moving averages. If CRO price presents a retest-and-fly signal from the indicators, a rally towards the August high at $0.16 stands a fair chance.
Invalidation of the bullish trade idea is contingent upon the June 18 swing low at $0.098 remaining unbreached. If the bears were to breach this level, the entire uptrend scenario would be void. A decline towards $0.06 could occur resulting in a 50% decrease from the current CRO price.