- Crypto.com price has fallen 20% since August 20.
- On-Chain metrics show a consistent reduction of CRO tokens on exchanges.
- The safest way to confirm an uptrend is a breach of $0.15 with an influx of volume.
Crypto.com price shows mixed signals going into the end of August. The technicals suggest bears are in control, but On-Chain metrics hint that the final bottom may be near.
CRO price could be near a bottom
Crypto.com price may be a token worth adding to your watch list as the digital exchange shows an interesting set of information. The technicals show a slight uptick in volume amidst the 35% rally this summer. On August 20, the entire crypto market witnessed a sharp sell-off. CRO price lost 20% of its market value; however, the volume shows a very sparse amount of transactions. This could indicate that smart money is holding the digital currency despite the sell-off.
Crypto.com price currently auctions at $0.13. On-chain analysis tools confound the idea that CRO price may soon find a floor. Santiment’s daily active addresses have declined since the all-time highs occurred in December of 2021 at $0.59. Additionally, the Supply on Exchanges indicator shows a tapering effect as well. Currently, 1.85 billion tokens are on all exchanges, which is 8 billion less than when CRO traded less than a penny in 2020.
Santiment’s Supply on Echanges, Price, & Daily Active Addresses
When combined, CRO price could fool day traders in the coming days. Still, investors should consider a reactionary approach when dealing with the CRO price. The safest confirmation of gains will be a breach of $0.15. If the bulls can hurdle this barrier, they could induce a rally towards $0.26 in the short term, resulting in a near 100% increase from the current Crypto.com price.
In the following video, our analysts deep-dive into Bitcoin's price action, analyzing key levels of interest in the market - FXStreet Team
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