- Crypto.com price will likely drop to $0.1062 before bouncing back.
- Whales mount pressure on CRO amid a prolonged selling spree.
- The IOMAP on-chain model cites resistance for traders at $0.1250 and $0.1355, respectively.
Crypto.com price is battling high volatility alongside other cryptocurrencies in the market. Following its rejection from massive seller congestion at $0.1562, CRO slowed the fall to around $0.1150. If this buyer congestion zone fails to hold, Crypto.com price may retest June lows roughly at $0.1062 before it aligns itself for another bounce.
Crypto.com price brews another freefall
The pressure on Crypto.com price is mainly attributed to selling activities, particularly from large volume investors. According to the Supply Distribution metric from Santiment, addresses with 1 million to 10 million tokens have dropped to 1,025 from 1,125 over the last six months.
 [17.20.48, 05 Sep, 2022]-637979895435306719.png)
Crypto.com Supply Distribution
This chart also highlights how this investor cohort negatively influences the price. In other words, an immediate recovery may be a pipe dream for CRO unless investors drastically flip their sentiment bullish.
In addition, ITB (IntoTheBlock) reveals a hefty resistance in the region, running from $0.1232 to $0.1267. Around 4,500 addresses previously purchased approximately 76.74 million CRO tokens in the range.
Bulls must pull up their socks to crack through this seller congestion. Investors may consider selling at their respective breakeven points, which may trigger another sell-off.
Read more: Crypto.com coin sees traders pull out of CRO as global market turmoil hits Defcon 1
-637979895120099672.png)
Crypto.com IOMAP model
A glance on the upside points to a second fundamental resistance between $0.1334 and $0.1373. According to the IOMAP cohorts, approximately 1,500 addresses bought roughly 105 million tokens in the area. This means that conservative traders may choose to take profit between $0.1232 and $0.1302 to avoid risking accrued gains.
CRO/USD daily chart
Crypto.com price depends on the buyer congestion at $0.1150 to fight off selling pressure build-up. The Direction Movement Index (DMI) collaborates with the Relative Strength (RSI) to affirm that CRO’s downtrend is far from over.
The RSI’s bearish divergence from CRO price means another drop is imminent. As for the DMI, the position of the –DI above the +DI confirms Crypto.com price forecast at $0.1062.
Read more: Crypto.com price is a good buy at these levels for a quick 20% gain
If buyers uphold CRO price support at $0.1150, a bounce may emanate – to shape gains to $0.1562. Before tagging this resistance level, buyers must prove their ability to disperse relatively minor hurdles at $0.1250 and $0.1406. These two levels may be considered viable exit positions by traders who wish to book early profits.
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