(Filip L. – FXStreet)
– Crypto.com Coins are set to jump significantly if bulls can keep the momentum.
– CRO price could hold 67% of gains in the coming weeks.
– Expect to see buy-side demand exploding once this key level breaks.
Crypto.com Coins (CRO) are set to rally extensively, as bulls are facing one last hurdle between them and 67% of gains on the table. Interest in some more upside potential could be granted as a rather light data calendar is set for this week and thus leaves plenty of room for bulls to thrive in this momentum. One key hurdle needs to be broken to the upside, and that is the $0.17 handle that, once broken, offers plenty of room for profit.
CRO price could rally 67% in coming weeks
Crypto.com Coins price action is set to rally as traders use an ideal environment to print a summer rally. With this summer rally, thinner liquidity is helping momentum to move more extensively than during normal trading periods. Secondly, the light data calendar is helping to maintain this momentum as traders still have over 30 days before starting to fret over the next Fed rate decision.
CRO price will need to be monitored near $0.17 as a key level to enter on the break to the upside. Expect to see plenty of buyers for not that many offered coins. So a big jump is granted in the breakthrough with bears being squeezed out of their positions this time. Expect that pop to stretch to $0.20, just below the monthly R1, before moving gradually towards $0.30, where the 200-day Simple Moving Average will be waiting to put a cap on the price action together with the monthly R2.
Risk to the downside comes from a simple rejection against that $0.17 level that would quickly trigger a reversal towards the 55-day Simple Moving Average near $0.12. Should there be another general downturn overall in global markets, expect a breach below $0.12 towards $0.09 which means a return to the low of 2022. The monthly S1 just below would be there to catch any falling knife action should one occur.