- Crypto.com price flips green in a move that could call investors into the market with the hope of tagging $0.1247.
- Band Protocol’s VRF (Verifiable Random Function) goes live on CRO’s testnet.
- The seller congestion at $0.1140 may invalidate the expected bullish breakout.
Crypto.com price appears to be gaining momentum after stepping above a crucial falling trend line. The native exchange token's strides to the north stem from support it tested at $0.1075. CRO is expected to tag take-profit targets at $0.1887 and $0.1247 as investors get confident in its ability to uphold an uptrend.
Crypto.com price is ready to move after defending crucial support
Crypto.com price is looking for a positive outcome, but buyers must first push above the resistance at $0.1113 – reinforced by the 50-day SMA (Simple Moving Average-red). At the same time, the 100-day SMA at $0.1107 must remain intact to avert potential retracement to its immediate support at $0.1075.
CRO/USD four-hour chart
It is imperative to say that Crypto.com price is on the cusp of validating its northbound breakout. A buy signal from the DMI (Directional Movement Index) is anticipated anytime. Traders looking for long positions to $0.1187 and $0.1247 should keenly watch out for the –DMI to cross above the +DI.
Band Protocol's VRF now available on Crypto.com's testnet
Crypto.com announced via Twitter on Tuesday that Band Protocol's VRF (Verifiable Random Function) has launched on the testnet. Tamper proof, unbiased, verifiable and unpredictable are some of the features the team outlined in the Twitter thread.
"These key features enable an unlimited number of use-cases on the blockchain that require randomness. Examples include lottery draws, NFT distributions, in-game randomness, and many more," Crypto.com's team explained.
Band Protocol's VRF is available on other testnets such as Ethereum, Polygon, Avalanche, Binance Chain, OKX Chain, Oasis and Optimism. The VRF will function as the first product of the BandBuilderVerse – a cutting-edge developer tool kit still in production.
Congestion ahead
Meanwhile, traders should be aware of the potential delays Crypto.com price may encounter between $0.12227 and $0.1153. IntoTheBlock's IOMAP on-chain model brings to light approximately 4,450 addresses that previously purchased 118.74 million CRO tokens within the price band.
Crypto.com IOMAP on-chain metric
Crypto.com price will struggle to push through this seller congestion zone as investors choose to offload their bags at various breakeven points. CRO risks extending the declines to $0.0952 due to the lack of robust support areas apart from the main anchor at $0.1075.
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