- Crypto.com price is up 20% since breaking the daily trend channel.
- The CRO price might have a bearish divergence from the RSI on the 2-day chart.
- A close above $0.51 will invalidate the bearish thesis.
Crypto.com price is showing evidence of weakness in the current uptrend. The price of CRO might start falling if market conditions stay the same.
The CRO price bull run could come to a halt
Crypto.com price has certainly been a pleasant digital asset among traders this month. It was documented early last week that a bull run was underway as CRO price managed to break above the daily trend for the fourth time. A classic retest of the trend took place at $0.39 before the price of CRO began to surge. Crypto.com’s price then began to rally, capturing 20% of the bullish ground. Ultimately, the bulls printed a nostalgic engulfing pattern of three white knights on the 2-day chart.
Crypto.com price has some concerning factors that were also mentioned during the successful trade setup last week. For example, the volume model is nothing to brag about.
CRO/USD 2-day chart
Second, the Relative Strength Index is showing hidden bearish divergence despite the bullish Three White Knights pattern. Today’s price action at $0.485 is printing on the RSI as the February highs at $0.51. It should also be noted that the current CRO price action is lining up with the bearish 60 level on the RSI, which adds fuel to the concerning flame.
Traders in profit will likely trail their stop losses, most likely below the last bullish engulfing candle at $0.45. The bulls can expect an extended target at the $0.55 level for the Crypto.com price if the bears fail to exploit this liquidity. A closing candle at the $0.51 level on the 2-day chart could prompt traders to aim for targets at $0.58 and $0.60, which would lead to a 25% increase from the current price.