- Crypto.com’s coin price is still higher, posting a 9% gain in the process.
- At the Jackson Hole Symposium on Friday, traders were tentative about taking new positions as CRO price rallies amid thin liquidity.
- Expect a false breakout above a technical element before a pullback occurs on the back of a major trigger.
Crypto.com Coin (CRO) price is set to break above a key technical element which has more supportive potential in normal market conditions. Markets, however, traded in very thin volumes on Thursday as traders were prevented from entering new positions at the Jackson Hole Symposium on Thursday. In that key event highlighted by Fed Chair Powell’s speech, CRO rate action is rising as there is little resistance, but this could lead to a sharp decline later this week. Fedspeak may carry a negative message with large sales as a result, so market sentiment may hurt some thunder.
The price of a CRO can drop below $1.
Crypto.com coin price is playing a dangerous game as the price action is increasing and the profit is about 10%. Price action is narrowing the key technical barrier of the 55-day simple moving average, which has been acting as a protective cap over the past few days. Once it breaks above, the price of CRO can cause many investors and traders to jump into the rally for fear of missing out on further gains to come.
On Friday afternoon, a major financial announcer lined up with the Jackson Hole Symposium to say that CRO prices pose a huge strategic risk, often with binary results, as they have a big impact on markets every year. Where price trades high or low. An expected cold shower from the Fed this year could see a fall in cryptocurrencies, with CRO prices falling below their lows this week and sliding as low as $1, if the message from Fed Chairman Powell is that harsh.
CRO/USD daily chart
CRO price bulls may surprise the markets with a rally, which should be defended by the 55-day SMA at the key event from Friday. If this indicator holds and does not allow price action to break below it, expect to see a second major bullish breakout to $0.16 after the August 3 drop. Look for a sustained rally to $0.19 next week.