Crypto

Crypto.com price likely to trap traders as downside target remains unfinished | Cryptocurrency

  • Crypto.com price is showing a recovery as it attempts to push above the August 25 high at $0.133.
  • This development could lead traders into a trap, especially if CRO heads towards liquidity raising below $0.0985.
  • A daily candlestick closing above $0.133 with a low of $0.112 would disprove the bearish thesis.

The price of Crypto.com is in a downtrend and there are no signs of a stop yet. However, the recent surge in bullish momentum must have given buyers the wrong impression of a recovery as downside targets are still missing.

If traders are not careful, they risk having an accident in the coming days.

Crypto.com Pricing Plans Undo Recent Gains

The price of Crypto.com dropped 28% between August 14 and September 4, hitting a low of $0.112. This decline was followed by a quick recovery on September 4 with a 2.80% gain over the next two days.

However, the move is temporary and likely to be reversed as market makers cut CRO to collect remaining liquidity below the equal lows formed at $0.1080 and $0.0985. Opening long positions after such a development of events will be more successful.

But for now, the price of Crypto.com is poised for a 10-19% decline as the bears take control.

CRO/USDT 1-day chart

While the situation looks bullish for Crypto.com’s price due to the sudden increase in buying pressure, this rally should be avoided. Liquidity remaining below $0.1080 and $0.0985 needs to be collected before a massive rally.

However, the bulls may trigger a breakout prematurely if they can create a daily candle above $0.133. The move will invalidate the bearish thesis, but there will be additional confirmation if Crypto.com price can make a higher low from the September 4 low at $0.112.

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