One of the cryptocurrencies that has performed the best in 2020 is undoubtedly CRO, the native token of the crypto.com chain, capable of increasing by 600% from the minimum reached last March, a behavior that recently led to a maximum historical $ 0.2017.
After a week of retracement, the bulls have again taken control of the short-term trend of this crypto asset, so it seems quite likely that in the near future it will manage to reach a new price record.
At the time of writing, the CRO price is $ 0.1644, and its market capitalization is $ 3.288 million, which positions it as the ninth largest cryptocurrency in the ecosystem.
Crypto.com is a company founded in 2016, in order to accelerate the adoption of cryptocurrencies, offering products that include debit card wallets, exchange, Visa card, metallic card with no annual fees and the crypto.com blockchain that allows its users to send and make payments without any transaction costs.
Crypto.com technical analysis as it seeks to hit an all-time high
One of the best ways to forecast the direction of a price is by technically analyzing its behavior through the charts.
As I mentioned, throughout 2020 crypto.com has behaved exceptionally, leading to an all-time high.
Immediately reached that peak, it began to recede, and already today it seems that this corrective process has ended.
Despite this, CRO failed to make a valid correction, as the medium-term upward trend observed in the weekly chart has been developing with continuous bullish candles that do not let the bears breathe.
However, it seems that at the moment the price of this cryptocurrency does not want to go back much more.
The current behavior tells us that the most likely thing to happen is to reach a new all-time high in the short term.
It’s almost never a good idea to position yourself against momentum as strong as the CRO currently has.
Short term trend
It is in the daily time frame that we clearly notice the recent upward transition of the short-term trend, a product of continuous breaks in resistance.
This behavior led to the moving averages of the 8 EMA and the 18-day SMA to cross to the upside. Today these averages are functioning as dynamic supports, and we may be seeing the beginning of a new upward momentum from crypto.com.
What do you think?. Is crypto.com about to hit a new all-time high? Let us know your opinion in the comments!
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