- Crypto.com price under pressure post US CPI data, recovers and maintains gains.
- Crucial $0.50 price level breached, bullish momentum must be maintained.
- Downside risks could be significant if buyers slowly fade away.
Crypto.com price has achieved several extremely bullish events today, chiefly that of testing the primary resistance zone in the $0.53 value area. However, the combination of CRO testing a significant resistance cluster while the oscillators print oversold levels could precursor some intense and imminent selling pressure.
Crypto.com price must move and close above the $0.53 value area to maintain its gains
Crypto.com has a major cluster of resistance between $0.51 and $0.53. The 38.2% Fibonacci retracement (of this current downswing), the 61.8% Fibonacci retracement of the prior upswing) and the bottom of the Ichimoku Cloud (Senkou Span A) in the $0.51 to $0.53 price levels. It is the single most significant and most challenging resistance level on the daily Crypto.com chart.
Bulls were able to pierce above that resistance zone but faced immense selling pressure after the announced US CPI data, but it recovered nearly all of that loss. However, it shows signs of struggling to return above $0.53 and even maintaining a stable price range at $0.52. If Crypto.com price can’t close higher, the oscillators may be the warning bulls need to get out.
The Optex Bands oscillator is trading near extreme overbought conditions and at the highest level observed since November 20, 2021 – right before the all-time high. Likewise, the Relative Strength Index is right up against the final overbought level of 65.
CRO/USD Daily Ichimoku Kinko Hyo Chart
The combination of the resistance cluster and the bearish continuation signals in the oscillators warn of a pullback, likely down to the 50% Fibonacci retracement and Kijun-Sen at $0.45.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.