- Crypto.com Chain has a bullish trading outlook against Bitcoin over the short-term
- The cryptocurrency is attempting to post its sixth straight day of gains
- The CRO / BTC pair retains its bullish medium-term bias against Bitcoin
Crypto.com Chain / BTC Short-term price analysis
Crypto.com Chain has a bullish short-term trading outlook against Bitcoin, with the CRO / BTC pair advancing to a three-week trading high.
The four-hour time frame is showing that the CRO / BTC pair has found strong resistance from the 61.8 Fibonacci retracement of the April trading low to the March 15th swing-high.
Technical indicators are bullish on the four-hour time frame and suggest that the CRO / BTC pair could trade even higher in the near-term.
Traders should note that if bulls fail to break above the March 15th trading high, the bearish head and shoulders pattern still remains valid on the four-hour time frame.
Relative Strength Index
The Relative Strength Index on the four-hour time frame is bullish, although it is now correcting from overbought conditions.
The MACD indicator on the four-hour time frame is also bullish and continues to generate a strong buy signal.
CRO has spiked after Changpeng Zhao, the CEO of Binance, thanked the project for making a donation of $500K to the Binance Charity Foundation. Crypto.com Chain is not listed on Binance yet, but the thankful note from CZ was perceived positively by the community.
Crypto.com Chain / BTC Medium-term price analysis
Crypto.com Chain has a bullish bias against Bitcoin over the medium-term, with the CRO / BTC pair on course for its sixth consecutive day of trading gains.
The daily time frame shows that bulls must rally price above the March 15th swing-high to negate a potential bearish double-top pattern taking shape.
Technical indicators across the daily time frame are currently rising and issuing a bullish signal.
Traders should note that a bullish inverted head and shoulders pattern could start to form if bulls can rally the CRO / BTC pair above the March 15th swing-high.
Relative Strength Index
The RSI indicator is bullish on the daily time frame, highlighting growing buying demand.
The MACD indicator is bullish on the daily time frame and is generating a strong buy signal.
The medium-term outlook will depend on the project’s ability to expand its ecosystem and increase the adoption. Overall, it seems that the team is moving in the right direction. Recently the project has made an announcement of adding dollar payments through the ACH network for all eligible users in the U.S. To boost the token utility, the project has also announced that network participants can begin staking the token at 12% per annum.
Both time frames are showing that Crypto.com Chain is growing increasingly bullish against Bitcoin as the cryptocurrency continues to recover earlier monthly losses.
If bulls can negate any potential bearish patterns and rally price above the March 15th swing high, the CRO / BTC pair could surge to fresh new all-time trading high.
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