- Both technical and on-chain indicators support the CRO/USD bullish outlook.
- A reversal could invalidate the bullish scenario if support at $0.12 fails to hold.
Crypto.com has gone through a gruesome week following the rejection at the 50 Simple Moving Average, as discussed. The declines were unstoppable at various levels, including $0.14 and $0.12. Fortunately, the buyer congestion at $0.1 appears strong enough to set CRO on a recovery path.
Crypto.com launches new Super App Menu
As CRO price plunged, the Crypto.com team focused on development, with the latest upgrade on the platform’s Super App Menu. The redesigned menu now gives users the ability to navigate the app with ease. Some of the upgrade features include a list view of available assets, shortcuts that provide quick access to services such as Card-Top-Up and recurring purchasing.
Cryrpto.com resumes the uptrend
As earlier mentioned, CRO embraced support at $0.1. Buyers seem to be rushing back to take their positions after a life-threatening battering from the bears. CRO/USD is trading at $0.108 amid a bullish building momentum.
The Relative Strength Index (RSI) also shines a light on the bullish outlook after changing direction upwards. Oversold conditions present buying opportunities as they signal the possibility of a reversal. Therefore, it is probable that Crypto.com will continue to gain momentum in the short term as buy orders increase.
A sell signal presented by the TD Sequential indicator in the form of red nine candlestick on the daily chart gives credence to the bullish case. It could also mean that CRO has bottomed out and it’s time to buy the dip.
Resistance at the 200 Simple Moving Average (SMA) is likely to absorb some buying pressure. However, if the hurdle is pushed into the rearview, Crypto.com could quickly rally to $0.16.
CRO/USD 4-hour chart
IntoTheBlock’s IOMAP reveals the absence of resistance ahead of CRO. Thus, if the subtle selling pressure between $0.107 and $0.11 is overcome, the rest of the journey to $0.12 will be relatively smooth. Previously, 778 addresses purchased about 10 million CRO.
On the flip side, Crypto.com is sitting on an area with immense support. The demand in the range between $0.1 and $0.103 hails from the 84 addresses that previously bought roughly 2.7 billion CRO. It is unlikely for Crypto.com to penetrate this zone, especially with buyers slowly returning to the market.
Crypto.com IOMAP model
Looking at the other side of the fence
It is worth mentioning that the buy signal will be invalidated if support at $0.12 fails to hold. In other words, crypto.com is not entirely out of the woods yet. Moreover, the resistance presented by the IOMAP between $0.1 and $0.103 might delay the breakout even resume the downtrend to $0.057 as discussed before.
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