Crypto.com coin price in a potential pump-and-dump trade
- The Crypto.com coin price rises once again, booking a 9% gain in the process.
- With the Jackson Hole Symposium on Friday, CRO prices are rising in thin liquidity as traders are hesitant to take on new positions.
- Expect a false break above the technical element before a pullback materializes on the back of a big catalyst.
The Crypto.com coin price (CRO) is set to break above a key technical element that would normally promise more upside potential under normal market conditions. However, markets are trading on very thin volumes on Thursday as traders refrain from entering new positions in light of the Jackson Hole Symposium on Friday. With the key event highlighted by a Fed Chair Powell speech, CRO price action is being pumped higher as there is little resistance, but this could result in sharp falls towards the end of this week. Market sentiment may suffer some thunderstorms as Fedspeak may have an underlying negative message with massive selling as a result.
CRO price may drop below $1
The Crypto.com coin price plays a dangerous game as the price action is pumped higher and inflated towards 10% of the gain. Price action is also trying to retest the 55-day Simple Moving Average, a key technical hurdle that has acted as a resistance line in recent days. Once broken to the upside, the CRO price can lure more investors and traders into the rally for fear of missing out on more potential gains to come.
The CRO price thus carries a large systemic risk, as the higher rise may prove to be short-lived, as on Friday afternoon a major financial catalyst aligns with the Jackson Hole Symposium that annually triggers a major impact on the markets, often with a binary outcome. where the price will trade significantly higher or lower. Expectations for this year are a cold shower from the Fed that could see a collapse in cryptocurrencies, with the CRO price falling below this week’s lows and could even slip as far as $1, should Fed Chair Powell’s message be so severe .
CRO/USD Daily Chart
CRO price bulls could surprise the markets with a rally, if the 55-day SMA is defended during the key event from Friday. In the event that this indicator holds and does not allow price action to break below it, expect to see a massive bullish bounce that could go to $0.16 for a retest after the August 3rd failure. Expect, in case the CRO breaks and closes above there, to see a continued rally towards next week towards $0.19.
