Crypto.com price looks poised for a 20% rebound as key support level holds

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Crypto.com’s price looks poised for a quick rebound after scoring a critical line of defense. A key technical indicator strongly indicates that a bullish reversal is in sight for the CRO. If Crypto.com goes above $ 0.55, an additional 60% climb may be on the radar.

The price of Crypto.com could prepare for a quick rally as the exchange token discovered reliable support at $ 0.44. A key technical indicator suggests that the CRO may have formed a local floor and is ready to reverse the period of weak performance.

Crypto.com price targets next $ 0.55

Crypto.com has formed a symmetrical triangular pattern on the 12 hour chart. Although the exchange token fell towards the lower limit of the governing technical model at $ 0.43, it acted as a reliable fulcrum for the CRO.

The Dynamics Reversal Indicator (MRI) presented a second consecutive bottom signal, strongly suggesting that a rebound could be on the horizon for the price of Crypto.com.

The first resistance line will emerge at the 23.6% Fibonacci retracement level at $ 0.48 and then at the 21 twelve hour simple moving average (SMA) at $ 0.50.

The price of Crypto.com will also face a hurdle at the 38.2% Fibonacci retracement level at $ 0.52 and then at the 50 twelve hour SMA level at $ 0.54. The bulls will then target the 50% retracement level at $ 0.55, coinciding with the upper bound of the dominant chart pattern.

If the price of Crypto.com breaks the aforementioned hurdle, an additional 60% increase to $ 0.88, a target given by the prevailing technical model could be on the radar.

12 hour CRO / USDT chart

If the selling pressure increases, the exchange token may be able to discover immediate support at the 200 twelve hour SMA at $ 0.44. An additional foot will appear at the lower boundary of the symmetrical triangle pattern at $ 0.43.

However, if the price of Crypto.com falls below the aforementioned defense line, the CRO could drop further to reach the November 8 high at $ 0.41 and then to the November 5 high at $ 0.38.

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