Crypto.com Price Analysis: CRO facing a multiple-month correction despite 500% YTD returns


  • CRO price had a 728% increase since the low of March, and 500% YTD returns.
  • The crypto card pioneer is finally slowing down and could be at risk of a multiple-month correction.

Crypto.com had one of the best years in the cryptocurrency industry, establishing itself as a top 10 coin by market capitalization and outperforming the rest. CRO price peaked at $0.191 in August, its all-time high, and it's currently trading at $0.169 after a brief correction period. 

The marketing behind Crypto.com's digital asset has been immensely efficient. After several positive announcements and promotions, the value of CRO exploded, but not everyone is convinced. Vishal Shah, the founder of Alpha5, stated:

In effect, it’s throwing the kitchen sink in to try and drive a higher value for the token.

cro price

According to the most recent statistics provided by CoinMetrics, Crypto.com’s team addresses were the most active in the past year. 

It is worth noting though that the largest team address activity during Q2 was the credit of $67M CRO to Crypto.com Coin team addresses, without which the net value of cryptoassets that moved outside of Company Team controlled addresses would have been $76.5M.

cro price

CRO Inflation Chart

This means that CRO founding members have been selling their tokens as prices surged, creating a significant boost in the token's inflation levels. Crypto.com had the highest Free Float Annual Inflation rate in the past 12 months. 

CRO/USD Monthly chart

cro price

The monthly chart has been favoring the bulls for the past few months, however, the TD sequential indicator has just presented a strong sell signal. 

cro price

IOMAP chart for CRO

According to the IOMAP chart, there is a massive resistance level right around $0.17 but not a lot of resistance higher up. There is a small support point at $0.166 and then a stronger one at $0.162. The CRO price already slipped below both levels and touched $0.142, which is now the lowest support level. 

Despite the intense selling pressure, the number of holders with at least 1,000,000 tokens has increased from a low of 43 on August 21 to 55 currently. Similarly, the number of whales with at least 10,000,000 tokens risen from 82 to 86. This metric would seem to indicate that whales are still accumulating despite the risk of a substantial correction. 

cro price

CRO holders

Similarly, the number of new addresses continues increasing. There was a massive spike of 987 new addresses on September 11, and while this number has gone down now, the overall trend is still clearly upwards. 

CRO/USD Daily chart

cro price

On the daily chart, bears managed to push the price below several support levels down to $0.1441. However, the bounce from the 100-MA was strong enough to boost CRO above the 50-MA. The nearest resistance level is $0.169, as indicated by the IOMAP chart; however, if the bulls can crack this level, CRO can quickly jump towards $0.1835 and eye up its all-time high again. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Dogecoin Price Forecast: DOGE to retest critical support before overcoming doubt

Dogecoin price has formed an uptrend since July 21, breaking out from a downward trapped DOGE for nearly a month. The canine-themed cryptocurrency rec

More Dogecoin News

Chainlink VRF integration improves as LINK price eyes 30% upswing

Chainlink price has seen an impressive run-up over the past week, but it has been able to breach through a crucial supply barrier. The recent pullback stems from an inability to slice through the said resistance zone.

More Chainlink News

Goldman Sachs files for new DeFi ETF with SEC that tracks only major stocks

Goldman Sachs has filed an application with the United States Securities & Exchange Commission (SEC) for a new decentralized finance and blockchain-based exchange-traded fund (ETF). 

More Cryptocurrencies News

Zilliqa to Ethereum bridge delayed but ZIL price eyes retest of $0.086

Zilliqa price is currently approaching a crucial support level that could trigger a bounce, leading to a new uptrend. However, there are chances of this barrier failing under increased selling pressure. Therefore, investors need to keep a close eye on the bounce.

More Zilliqa News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP