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Crypto.com Coin Has Been Flying Since Arena Deal: Where Might The The Crypto Find Support?

Crypto.com Coin (CRYPTO: CRO) is trading higher Tuesday, ripping in a cryptocurrency market that’s moving slightly higher. The coin has been pushing almost parabolically, and looks like it could be starting to turn around.

Crypto.com Coin was up 15.26% at $0.8368 at press time.

See Also: Iconic Staples Center In Los Angeles To Be Renamed As Crypto.com Arena On Christmas In A Historic Deal

Crypto.com CoinDaily Chart Analysis

  • The coin has been pushing almost straight up the past couple of weeks and could be seeing a period where its slowing down. Possible areas of support are marked on the chart.
  • The coin has been flying higher, but the past few days has seen decreasing volume, which is a sign the trend it’s in may be slowing down. The $0.50 area is somewhere that held as resistance for a few days and then turned into support, and may hold as support again. If unable to hold as support, the coin could fall back to the $0.30 level where it held as support before.
  • The crypto trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the crypto is seeing recent bullish sentiment.
  • Each of these moving averages may hold as an area of support in the future.
  • The Relative Strength Index (RSI) has been pushing higher the past couple of weeks and now sits at 85. This is well into the overbought range showing that the crypto is seeing much more buying pressure than selling pressure.

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What’s Next For Crypto.com Coin?

Bullish traders want to see the run continue for a time, but should know bullish runs don’t last forever. When the stock cools off they would like to see the crypto consolidate while holding some of its gains. This could cause the coin to continue higher in the future.

Bearish traders want to see the coin start to fall and head toward the support levels. Bears are then looking to see the support levels be unable to hold and for them to turn into resistance in the future.

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