Published 52 mins ago
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.
- 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.
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.
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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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.