CRO has recently broken above the neckline of a double bottom formation against bitcoin, signaling that a longer-term climb is in the works. Price seems prime for a correction from its latest run, and it might find support at the Fib levels.

Price is currently testing the 50% Fibonacci retracement level and is forming a potential spinning top to signal hesitation. Buyers could jump in to confirm that the retracement is over and that the uptrend is about to gain traction.

A larger pullback could find support at the 61.85 level or 0.0000123 or the broken double bottom neckline. If any of these Fibs hold, the price could resume the climb to the swing high and beyond.

However, the 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. This suggests that the selloff is more likely to gain traction than to reverse. Then again, the 100 SMA is starting to turn higher to hint at slowing bearish pressure.

RSI is just starting to move down after recently hitting the overbought zone to reflect exhaustion among buyers and a return in selling momentum. Similarly stochastic is also turning south from the overbought zone so CRO might follow suit. Both oscillators have plenty of room to move down before reaching the oversold level, which means that sellers could stay in control for a bit longer.

The sudden surge in CRO price is being attributed to the addition of dollar payments to the Crypto.com ecosystem. CRO is a spinoff of Monaco after rebranding to Crypto.com. Earlier on, the Crypto.com payment system already added bitcoin withdrawals to any type of address.

Still, its most attractive feature is the masternode ecosystem, which is a staking mechanism that allows for passive earnings through CRO tokens.

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