Crypto.Com Accelerates to the Upside, Larger Uptrend Remains Strong
Jun 16, 2020 at 12:37 //
News
Crypto.com's upward move is intact despite the brief retracements at short intervals. Buyers are unrelenting as they push the price into the previous highs.
The coin has been resisted thrice but buyers are pushing forward to break above these resistance levels. At each resistance, CRO will retrace and then correct upward.
After the resistance at $0.120, the coin dropped to $0.100 low to resume an upward move. The coin has corrected upward and it is approaching the high of $0.112. On the upside, if the bulls break the resistance level of $0.120, the market will rally above $0.130. Conversely, if buyers fail to break the current resistance, CRO will be compelled to a sideways trend.
Crypto.com indicator reading
The recent retracement was above the 12-day EMA and the 26-day EMA. This indicates a further rise of the coin. However, if the retracement has broken below the EMAs, the coin will have a downward move. As the coin continues its uptrend, the crypto is above the 70 % range of the daily stochastic indicating that the market has bullish momentum.
Key Resistance Zones: $0.10, $0.11, $0.12
Key Support Zones: $0.040, $0.030, $0.020
What is the next move for Crypto.com?
Following the recent breakdown, the coin has been in an upward move for the past five days. The price movement has been marginal and marred with low volatility. The EMAs are sloping upward indicating the uptrend.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow