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Crypto.com CRO Cryptocurrency Could Rise 20% Says Analyst

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The cryptocurrency market experienced a slight recovery on Wednesday (12) with the price of BTC rising about 3% and leading analysts to indicate the potential for altcoins to recover.

According to analyst Sarah Tran, one of the altcoins with great recovery potential is CRO, a native token of the Crypto.com exchange that could be gearing up for a quick recovery.

She pointed out that the exchange’s token found reliable support at $0.44. Now, a key technical indicator suggests that CRO may have formed a local bottom and is ready to reverse the period of sluggish performance.

“CRO has formed a symmetrical triangle pattern on the 12-hour chart. Although the exchange’s token has dropped towards the lower bound of the technical standard at $0.43, it has acted as a reliable foothold for the CRO,” she said.

Furthermore, the analyst noted that the Momentum Reversal Indicator (MRI) showed a second consecutive bottom signal, strongly suggesting that a bounce may be in the offing.

In that vein, she pointed out that the first resistance line will emerge at the 23.6% Fibonacci retracement level at $0.48. Then at the 21-hour simple moving average (SMA) at $0.50.

CRO

On the other hand, she highlighted that the crypto asset will face a hurdle at the 38.2% Fibonacci retracement level at $0.52. Then on the 12-hour 50 SMA at $0.54.

“Bulls will target the 50% retracement level at $0.55, coinciding with the upper bound of the prevailing chart pattern,” he said.

Also according to the analyst, if the price of the digital asset overcomes the aforementioned obstacle, a further rise of 60% to $0.88 could be on the radar.

Crypto.com CRO Cryptocurrency Could Rise 20% Says Analyst

“If selling pressure mounts, the exchange’s token could discover immediate support at the 12-hour SMA of 200 at $0.44. An additional support point will appear at the lower bound of the symmetrical triangle pattern at $0.43,” she said.

However, if the CRO price drops below the aforementioned line of defense, the token could slide further to reach the Nov 8 price at $0.41, then towards the Nov 5 price at $0.41. 0.38.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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