After a slight correction which followed the end of the short breakout from the falling wedge, the Crypto.com price continues to trade within a narrow range after correcting towards 0.5408. This move follows the continued absence of bullish momentum in the cryptocurrency market.
As Bitcoin prices continue to show a tendency towards a further dip, most of the top 20 cryptos are showing a tendency to move in this direction. Crypto.com price dipped 3.52% in Monday’s trading session and started the current trading session a tad lower.
The exchange has kicked off the new year by joining the Singapore Blockchain Innovation Programme. This comes on the back of its latest partnership with the National University of Singapore. The Gold Membership conferred on the exchange due to this collaboration could promote deeper adoption of its blockchain and potential for more growth in the long run.
The 4-hour chart reveals that price action is now in a sideways trend, with 0.5882 and 0.5408 forming the upper and lower boundaries, respectively. The bulls need to force clearance of the 0.5882 barrier, which creates an opportunity for bulls to launch towards 0.6434. Above this level, 0.7753 becomes a resistance level of note, having formed a barrier to the price candles of 28 November 2021/1 December 2021.
On the other hand, a decline below 0.5408 opens the door for a further dip that targets 0.5200 initially, before 0.4846 becomes a viable downside target. An additional pivot is located at 0.4224. Otherwise, prices may range between the two identified boundaries.
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This post was last modified on Jan 04, 2022, 12:18 GMT 12:18