fxstreet.com
- Crypto.com price has breached several vital resistance levels.
- CRO price is back above the weekly descending trend channel.
- Invalidation of the uptrend is a breach below $0.10.
Crypto.com price shows trend-rallying signals to begin the month of July. Placing a short-term bullish trade is justifiable for these reasons.
Crypto.com price is on the move
Crypto.com price could awaken bulls to meet at the table as a bullish engulfing candle has recently breached through the $0.11 barrier, long subdued by a descending parallel channel. The parallel channel from November 2020 has played a significant role in previous trend changes for the notorious Ethereum-based exchange token.
Crypto.com price currently trades at $0.1231. An 8- and 21-day simple moving average (SMA) currently compresses just below the current price action, which is a confounding signal for an imminent bull run. Elliot wave enthusiasts may also appreciate the bulls recently breaking through a previous wave four pattern at the $0.12 barrier.
CRO/USDT 3-Hour Chart
If market conditions are genuinely bullish, the bulls should have no problem breaching through the $0.14 barrier. A FOMO rally could then ensue towards $0.17 If the bulls can produce enough volume.
Invalidation for the bullish thesis is a breach below $0.10. If the bears' breach this level, consider the uptrend scenario. The bears could produce a decline targeting $0.09, resulting in a 25% decrease from the current Crypto.com price.