The Crypto.com Coin price verticals 136% in November as altcoin season 2 lifts the cryptocurrency market to new heights. Crypto.com Coin (CRO) is trading at $0.3914 (+10.61%), a seven-day increase of +85% and around 20% below its all-time high of $0.4990. CRO’s market cap has increased to $10.1 billion, ranking it the 23rd most valuable cryptocurrency behind VeChain (VET).
After spending most of September and October in a tight range between $0.1500 and $0.2000, the Crypto.com Coin price took off in November. The CRO token started the month just above the psychological $0.2000 support level and, by the 5th, was trading at an all-time high of $0.4990. But within 24-hours, the CRO token was changing hands 35% lower at $0.3185.
However, a wall of buying took advantage of the dip and drove the price back to $0.4500 on Monday, suggesting CRO could have enough gas in the tank to topple $0.5000 in the immediate future. However, the parabolic rise of altcoins recently is manic and showing signs of over-exuberance. Therefore, investors face the dilemma of either chasing the rally or waiting for a pullback.
The daily chart highlights the parabolic nature of the recent rally. The Crypto.com coin price is experiencing its most bullish price action in over two years. However, I am doubtful the rally can maintain the current momentum. The Relative Strength Index of 76.72 is highly elevated, despite the reversal from Friday’s high, suggesting the price needs to consolidate the recent move.
Furthermore, aside from the general enthusiasm sweeping the market, it’s hard to understand why CRO should be valued at double what it was last week. And on that basis, I believe investors should exercise caution. That doesn’t mean the token cant keep going up. However, the price is likely to remain volatile and vulnerable to wild swings in either direction.
Therefore, buying Crypto.com Coin at the current price is hazardous my opinion. Instead, investors should wait for the RSI to pull back from the current reading, allowing the price-action to normalise. If the price starts to reverse, a better entry point is the $0.2500 – $0.2700 range, with a stop-loss below $0.2000.
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This post was last modified on Nov 09, 2021, 09:40 GMT 09:40