The Crypto.com Coin price has gained almost 30% in the first week of October, lifting (CRO) towards critical trend resistance at $0.1940. If the upside momentum continues to gather pace, the trend may soon fall, and the CRO price could go much higher.
Crypto.com Coin started September on the heels of a six-week bull market that added 156% to the price. The CRO token gained interest after the financial services company inked several high profile partnerships over the summer. In the last four months, Crypto.com has signed deals with Formula 1, the Ultimate Fighting Championship (UFC), Paris St -Germain and the Philadephia 76ers. As a result, the company has vastly increased its media presence, resulting in its visa card and trading services attracting more users. Furthermore, if the user base grows, the CRO price should do the same.
The daily chart shows that Crypto.com coin has been trending higher since June. Subsequently, a rising trend line supports the price at $0.1500. After testing the trend in late September, CRO climbed above the 200 DMA at $0.1533 and the 50 at $0.1675. As a result, the price is approaching a significant resistance level.
A descending trend line from the February high of $0.2720 is visible at $0.1940. If CRO punches above the trend line, it will constitute a bullish breakout and encourage momentum buying. In that event, an extension into the $0.2500-$0.2700 range looks probable. However, until the trend breaks, it offers resistance. Therefore, the bullish thesis relies on a close above $0.1940.
For more market insights, follow Elliott on Twitter.