CRO Gets Foam – Will Token Crypto.com’s Recovery Continue?

In this new Monday technical analysis, we will take a look at the cryptocurrency CRO. For several months, the asset has evolved in a downward trend. Is ready to operate a trend change in the market to confirm an increase that can last several weeks. Today we will analyze the asset against the dollar and Bitcoin defining the main levels to watch and the scenarios we can define for the coming weeks depending on the price evolution. Without further ado, let’s jump right into TradingView.

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The CRO is still below the range rotation area

CRO rate against the dollar on a weekly basis

First, let’s start our CRO analysis with weekly rate to gain perspective on the asset’s situation. We can see that since the loss of the 13/15/32 EMA confluence in April, the asset has suffered a very strong decline. The first leg of the decline in early 2022 is minimal when comparing the two periods of decline.

Now, since May, the asset moves in a wide range with one lower limit at $0.098 and one upper bound at $0.153/$0.157. Within this range is one the center area. When the price is higher, probability of a price return to the upper bound is more important. Vice versawhen the CRO is below the pivot zone, it is necessary to favor a price reversal to the lower limit.

it The pivot area is located at $0.12/$0.124. It is currently in line with the 13 EMA, which price has failed to recover after losing during the month of April. The level at which the course is located is important. If the CRO manages to overcome it with a bullish breakout within the weekly closing frame, can be considered incremental targets with a return, first, to the upper limit of the range that is in line with the EMA 25

How has CRO evolved over the past few days?

CRO rate against the dollar on a daily scale
CRO rate against the dollar on a daily scale

In recent days, we can see a positive evolution of CRO against the dollar. When we look at the daily time unit, we can see that the asset is held in it WAL (Value Area Low) for a few weeks while compression with the triple EMA which acted as resistance. For more, POC also acted as resistance. As a memory, this is the price level at which most of the trading volume took place. This information was provided to us by volume profile. It is therefore a level to watch when the price approaches it.

During late October, the CRO was able to break free from the EMA trio as well as the POC in order to recover from it via a bullish pullback. This return is identified in the table with a green circle. From now on, the challenge for the asset is to break free from the pivot area that we have identified on the weekly scale, as well as the 100 daily MA, which makes it possible, in general, to determine the bias it should have.

In addition, we can see a fuse of the asset in HAV (High area value). As we discussed in the weekly analysis section, if the CRO manages to close above this confluence of technical levels, the bias to own will indeed be bullish, although it is important to be watch out for a false bullish burst to attract buyers. Besides the 25 week EMA, what are the other targets to consider? We can place intermediate resistances, not shown on the chart, at $0.135 and $0.143.

Is the asset not working against the crypto king?

CRO price vs. Bitcoin on a weekly basis
CRO price vs. Bitcoin on a weekly basis

While the asset is not yet free from the EMA13 against the dollar, the situation is different with bitcoin. It will be necessary to monitor the weekly close to determine whether or not a trend reversal is confirmed. In addition to this dynamic resistance, we should also look at the level of rotation within the range that has lasted since May 2022. This the center area is located in 5921 satoshis. If CRO manages to get rid of it, it will be in a favorable situation against Bitcoin.

In case bitcoin’s dominance continues to falter against the rest of the market, CRO could potentially do well to attempt a push against the dollar. Of course, it remains to be seen if DXY (Dollar Index) will continue its decline or if it will end the current crypto rally. In any case, if the CRO manages to break through these technical levels, it may look for the 32 EMA within the next few weeks. At the moment nothing has been decided yet as we are waiting for the weekly closing.

Here we are at the end of this technical analysis on Crypto.com’s CRO, you can see that the asset is still below resistance even though it has recently broken out of several key levels. Let’s see if the market continues its upward trend within a fairly low underlying trend. If cryptocurrencies continue to rise, CRO could have good upside potential in the coming weeks. Of course, this will be the case if it breaks the current resistances. If it doesn’t succeed, it will be the sign of a strong sell-back that could end the dream of a nice comeback for the end of 2022. While you wait to know more about the evolution of CRO, don’t hesitate to discovered one of the articles The Wolves of Wall Street for Supports and Resistances. This will allow you to correctly identify the levels to look at in the price of an asset.

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