(Akash Girimath – FXStreet)
– Crypto.com price consolidates around the $0.108 support level before establishing a directional bias.
– Investors can expect a 16% ascent to $0.126 to collect the sell-stop liquidity.
– A daily candlestick close below $0.108 will invalidate the bullish thesis.
Crypto.com price planted its flag on a higher high as it rallied between September 7 and 10 – despite the broader downtrend. This blip can be attributed to an explosion in Bitcoin price, the aftereffects of which were felt by the broader crypto market, including Crypto.com. The pullback after this peak now seems to be stabilizing, suggesting a bottom may be in for CRO bulls to take the reins and trigger a small rally.
Crypto.com price awaits a catalyst
Crypto.com price is hovering around the equal lows at $0.108 after dropping 13% in the last three days. This pullback comes after the altcoin set up a higher high at $0.125 relative to the September 6 swing high at $0.122. More broadly, Crypto.com price is trading inside the $0.0985 to $0.1950 range, with the midpoint at $0.1460.
If sidelined buyers step in, Crypto.com price is likely to begin a run-up to equal highs at $0.126. The higher high in CRO price confirmed a bullish market structure shift increasing the odds of a subsequent rebound occurring.
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From a market makers’ perspective, the equal lows at $0.126 are the first target. Flipping this level could open the path for Crypto.com price to target the August 26 swing high at $0.1330 and $0.142 in a highly bullish case.
While things are looking up for Crypto.com price, the bullish outlook is contingent on Bitcoin performing well. If the father crypto stumbles, it may impact negatively on CRO price, and if it produces a daily candlestick close below the equal lows formed at $0.1080, it will invalidate the bullish thesis for CRO.
In such a case, Crypto.com price could sweep the range low at $0.0985 to collect the next set of sell-stops.
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