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    Crypto.com (CRO) Is Up 45% Despite Negative News

    Crypto.com (CRO) broke the descending resistance line despite bearish news.

    Previously, on January 11, Crypto.com announced that it would delist Tether (USDT) from Canadians in order to comply with Canadian Securities Administrators (CSA). Two days later, more negative news about Crypto.com emerged. The exchange announced that it will lay off 20% of its workforce, resuming the recent wave of job cuts following the fall of FTX.

    Despite these two negative news, the CRO price has performed quite impressive, up about 45%.

    Descending resistance line

    The CRO price has been surging since December 20, 2022. It made a higher bottom on December 30 and then accelerated the rate of increase. Since then, the price has been up 45%.

    On January 13, the Cypto.com price broke out of the descending resistance line. It then moved above the $0.074 resistance zone two days later. On Jan 16, CRO price validated this line as support (green icon) and then bounced, resulting in a high of $0.085.

    Currently, the CRO price is facing resistance at the 0.382 Fib retracement level. However, the main resistance zone is near $0.10, created by horizontal resistance and 0.618 Fib retracement resistance level. 

    Although the RSI is in the overbought zone, it is not creating any bearish divergence. Therefore, the upward movement may continue, helping the price move toward the $0.1 resistance zone.

    On the downside, a close below the $0.074 support zone will invalidate this bullish hypothesis.

    CRO/USDT 6-hour price chart (Source: TradingView)

    CRO may correct before completing wave five

    The two-hour chart shows CRO price is likely to be in wave four of a five-wave upward movement (black). The number of sub-waves is in red, indicating that Crypto.com price completed the 5th sub-wave in the last 24 hours.

    If the number of waves is correct, the CRO price will drop to the $0.072 zone to complete wave four before bouncing up. The most likely scenario for the top of the fifth wave would be $0.10, which coincides with the aforementioned resistance zone.

    A drop below the high of wave one (red line) at $0.060 will invalidate this bullish wave count.

    In summary, the most likely CRO price forecast is a rally to $0.1. A breakout above this level or rejection can determine the future trend. On the other hand, a drop below $0.060 will invalidate this bullish prediction.

    CRO/USDT 2-hour price chart (Source: TradingView)

    (Reference: BeInCrypto)

    Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision.

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