CRO Price Analysis: Pattern Breakout May Surge CRO Price To $0.2
Despite an ongoing sell-off in the crypto market, the CRO/USDT pair show a massive bullish breakout from the inverted flag pattern. This breakout should accelerate the bullish momentum and push the altcoin beyond the $0.166 mark.
Key points
- The CRO price has gained 32% since last week
- The 20-and-50 EMAs are poised for a bullish crossover
- The intraday trading volume in the CRO is $184.5 Million, indicating a 646.3% gain.
Source- Tradingview
The CRO price recovery rally initiated in Mid June has shaped into an inverted flag pattern. This bearish continuation pattern showcases a relief before the sellers wrestle the trend control again.
Furthermore, as per the technical setup, the altcoin should breach the ascending support trendline and trigger a directional downfall. However, in response to a parallel channel pattern, the coin price has surged 56% in the past four weeks.
Today, the CRO price surged 14.84% higher, teasing a bullish breakout from the pattern’s resistance trendline. If the buying pressure sustains, the altcoin may give a candle closing above the breached trendline and flip into viable support.
Moreover, an upside breakout from a bearish pattern indicates a strong commitment from buyers. The possible retest to this flipped support would offer an entry opportunity to interest buyers.
Thus, the potential rally may knock out the $0.166 resistance and surge 32% higher to the $0.2 psychological level.
On a contrary note, if the sellers pull CRO price below the rising trendline during the retest phase, the aggressive buyers caught in this fakeout will fuel a significant downfall with their forced liquidation.
Technical Indicators
Bollinger band indicator: the sudden price breached the indicator’s upper band accentuates hasty buying among the market participants. However, a retest to this overhead resistance will likely trigger a retracement, which may tag the pierced trendline.
MACD indicator: the fast and slow line jumps above the neutral line and gives additional confirmation for a breakout trade. Moreover, the expanding gap between these slopes indicates growth in bullish momentum.
- Resistance levels- $0.166 and $0.2
- Support levels- $0.141 and $0.121
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