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Despite Crypto.com’s positive news, Crypto.com (CRO) prices may plunge on Jan. 30 and fall into a correction pattern.
After two weeks of bearish Crypto.com news in the form of layoffs, the last week brought some positive CRO news. The cryptocurrency exchange has announced that it is ISO 27017 certified for security and ISO 27018 for privacy protection.
Both of these certifications are firsts for a digital asset platform. Despite this news, CRO, the native token of the Crypto.com exchange, plunged on his January 30th.
CRO Price Shows Weakness
CRO prices broke out of short-term downside resistance on January 6th. The rally then accelerated, and on January 16, he hit a high of $0.085. CRO prices returned to similar levels in 2018 after a brief decline. January 29th.
However, the daily RSI has produced a bearish divergence since its initial high. Such divergence often precedes downward movement. In addition, the price tumbled his January 30th candlestick to start the current downtrend and dropped sharply over the past 24 hours.
The main resistance area is $0.101, created by horizontal resistance and a long-term descending resistance line. The CRO coin trend can only be considered bullish once the price breaks out of this confluence of resistance levels.
February CRO Price Prediction: Upward Moves Following Downwards
A technical analysis of the short-term 6-hour chart shows that the CRO price is most likely in wave 4 of the 5-wave upward movement (black). The subwave count is displayed in red, meaning wave 3 has been extended.
If the counts are correct, the CRO price will drop just below the four sub-wave lows, close to the 0.5 Fib retracement support level of $0.069. An upward movement can then follow.
A potential target for the upper bound of the upward movement would be around $0.101 created by the aforementioned confluence of resistance levels. However, we will have more accurate estimates once the fourth wave is over.
This bullish CRO price forecast for February will be invalidated if the price breaks below one of the wave highs (red line) of $0.060. In that case, the Crypto.com price could drop below $0.055.
In conclusion, the February CRO price forecast is bullish. Initially he may drop towards $0.070, but CRO price is expected to move up after that and move towards $0.101. However, a break below $0.060 will invalidate this bullish outlook and send the CRO price below his $0.055.
Click here for BeInCrypto’s latest crypto market analysis.
Disclaimer
While BeInCrypto strives to provide accurate and up-to-date information, BeInCrypto is not responsible for any factual omissions or inaccuracies. YOU AGREE AND UNDERSTAND THAT YOU MUST USE THIS INFORMATION AT YOUR OWN RISK. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.
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