Crypto.Com Breaks Into New Highs, Builds Strength on Market Surge

Jun 12, 2020 at 11:32 // News
Coin Idol
 The market retraced to $0.10 low is in a smooth uptrend. The price is making a series of higher highs and high lows.

The uptrend faces little or no resistance as bulls move on. On April 29, the crypto faced its major resistance at $0.065 as the market fell to $0.055 low. The uptrend resumes after breaking the resistance at $0.065 and $0.070. Presently, the bulls have pushed price to the high of $0.12 as the market retraced to $0.10 low.

As buyers pushed price to the $0.12 high, the market reached the overbought region. Sellers emerged to push prices down. Selling pressure may have subsided as price action indicates bullish signals. On the upside, if the bulls break the $0.12 resistance, the market will resume the uptrend. indicator reading 

CRO bulls broke the resistance line and closed above it. This indicates that the upward move will continue. The coin will rise as long as the price is above EMAs. The crypto has been trading above 80 % range of the daily stochastic since May 20. The overbought condition could not hold because the coin was trending. The stochastic bands are pointing downward as sellers emerge to push prices downward. Price fell and found support above 12-day EMA as CRO resumed upward.


Key Resistance Zones: $0.10, $0.11, $0.12

Key Support Zones: $0.040, $0.030, $0.020

What is the next move for uptrend will resume if the bulls break the current resistance. The price action is indicating a bullish signal which is contrary to the stochastic indicator. The stochastic is still reflecting the previous downward move.

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.

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