Crypto.com (CRO) Crash Catalyzes Bullish Pattern, 16% Rally Awaits
- Crypto.com Coin price dropped 18% in less than 72 hours, forming a triple bottom near $0.481.
- This technical pattern might trigger a 16% rally to $0.589 by CRO.
- A 4hr candle close beneath $0.481 will cancel the mentioned pattern and trigger further declines.
Crypto.com Coin maintained downtrends since 24 November 2021, when the token recorded its ATH. Nevertheless, CRO discovered breather as it rebounded off a critical support flour four times within two months, suggesting the level’s nature. The latest downward move has pushed the altcoin back to the zone, resulting in a potential triple bottom.
CRO Price Awaits Relief Bounce
Crypto.com’s price lost about 18% within the past 72 hours and formed a swing low matching the $0.481 support floor. Surprisingly, the altcoin has hit this zone two times since 4 December. As a result, the three retests formed a triple bottom formation, which indicates an incoming uptrend. Presuming that CRO bulls gather their strength, the coin will surge towards $0.589 again and gather liquidity beyond the level. The upward move will mean a 16% increase, and the uptrend might pause after that.
If the buying strength continues to surge, CRO price might revisit the resistance barrier at $0.662, translating to a 30% rally from the token’s current position of $0.505.
As Crypto.com Coin shows optimism, increased buyers’ activity absence may prove fatal. If bulls show a lack of interest, CRO will have magnified chances of violating the support floor at $0.481.
Such price reactions will lead to a lower low, canceling the bullish tale. Also, it will authorize further plunges to the nearest support area at $0.424.
Crypto.com suffered a crash as the global crypto space tumbled early on Thursday. Excluding dollar-pegged tokens, the top ten assets trade in the red today. Such developments have weighed on top coins, as most of them lost critical value areas.
The downbeat in the crypto space will likely add downward pressure on CRO. Though the alt awaits a rally, massive bearish conditions in the marketplace might translate to further lows.
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