The famous Crypto.com application experienced a period a few months ago when its blockchain was trending. Increase in activity, growth in the amount of money locked in the various protocols, multiplication of the number of tools in decentralized finance… Investors were delighted since the combo power of the application + rise in power of the blockchain gave enormous utility to the CRO token. However, this trend seems to have faded for many weeks. However, is this the end? The answer is likely to be no, the CRO governance token undeniably has the fangs as it looks set to take on old highs. So, it’s time to head to our charts to see a little more clearly.
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CRO under resistance against bitcoin, a breakout to consider?
What we notice about the CRO on a weekly scale, against bitcoin, is the underperformance it has suffered for several weeks.
After breaking an important resistance at 400 satoshis, the token outperformed during the month of November, bringing it into contact with a weekly resistance at 1670 satoshis where it was rejected. As a result, CRO once again underperformed, leading it to build weekly support against bitcoin. In addition to the very global vision on a weekly scale, let’s now move on to a daily scale to go into detail.
Note the relevance of the weekly support, located at 1042 satoshis, which I mentioned just now. The price has been oscillating since December 2021 between this level and the weekly resistance, represented by a gray area, located at 1220/1250 satoshis. In addition to a potential return of the CRO to its support, something that would not surprise me at all, it will be necessary to close above the double daily resistance, particularly the second at 1279 satoshis.
In this context, we would have the highest closing peak since December 26, giving a strong signal of a probable future outperformance of CRO against bitcoin. Thus, the doors would be open to return to the weekly resistance, located a little higher, at 1583 satoshis minimum. Besides my vision against the king of cryptocurrencies, let’s now move on to the analysis against the dollar, and what you should take away from it.
The resumption of a large daily support against the dollar, but now, what should we consider?
In my analysis against the dollar, I will limit myself to the daily scale which, after a brief look at the weekly scale, seems self-sufficient to me. First, notice that after the breakout of the former weekly resistance (thick gray area), the CRO started its bullish rally in order to register a new all time top at $0.95. Interestingly, this rise was so fast that the CRO was not able to build big technical levels. It was limited to relevant support which subsequently operated as resistance. Quite quickly, the CRO came to tickle the $0.32 before rebounding towards former higher levels.
Indeed, the CRO managed to regain its former support at 0.47/0.48 dollar which acted as resistance for a few days. Currently consolidating at this level, the objective is to avoid a close below $0.47, which will mean a surge in sellers to push CRO below a key level. In this context, the continuation would be logical with a return to 0.44 dollar.
However, this is not my preferred scenario as we have a rally from buyers managing to defend support at the moment, momentum to watch with daily rising lows and highs. So, what are the objectives to have in mind for the next few weeks?
- The CRO will have to register a new high above $0.541 to reinforce the idea of a continuation of the buying momentum initiated since the rebound at $0.32. In this framework, an ascending trough will also be necessary to have an uptrend.
- Thereafter, we can look at a return to $0.58, a level that has acted as resistance on several occasions since December.
- Finally, let’s stay reasonable. We could consider, if all goes well beforehand, a return to $0.65
We are already at the end of the analysis. As always, lots of numbers, different levels to figure out, but at least you have peace of mind for the next few weeks. While the CRO, against bitcoin, is not announcing anything particular for the moment, the token is at a key level against the dollar. He must not lose it if he wishes to return to higher price levels. So, be on your guard, manage your risk when taking a stand, and normally, you should be fine!
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