Is this Crypto.com price’s last line of defense?
- Crypto.com price downtrend remains intact within a descending parallel channel.
- Support at $0.1000 must hold to prevent CRO price from plunging to $0.0900.
- Improving on-chain metrics could initiate Crypto.com price bullish trend reversal.
Crypto.com price seems adamant about continuing to flirt with a lengthy two-month sell-off. Since August, CRO has lost approximately 34% of its value to exchange hands at $0.1033. If its previous support around $0.1000 remains intact, Crypto.com price might shake off the selling pressure in favor of a bullish trend reversal.
Crypto.com price eyes bullish turnaround as fundamentals improve
The number of Daily Active Addresses on the CRO blockchain is up-trending, according to insight from Santiment. The model tracks the number of unique addresses transacting on the protocol daily. Spikes, such as Tuesday’s move to 762 active addresses, imply increasing speculation. In other words, Crypto.com price is poised to make a bullish comeback as long as investor interest peaks.
 [16.52.55, 20 Sep, 2022]-637992854434774286.png)
Crypto.com Daily Active Addresses
Crypto.com price seats in an optimal buy zone based on market value realized value (MVRV) data. A negative MVRV ratio shows that investors consider CRO undervalued and are likely to buy ahead of an expected bullish move. If buyers heed this call to buy CRO, recovery could begin above the primary support at $0.1000.
 [16.52.59, 20 Sep, 2022]-637992855412733533.png)
Crypto.com MVRV metric
From a technical perspective, Crypto.com price is almost exhausting its downtrend. Coming to the bulls’ rescue is the falling channel’s throughline in conjunction with the buyer concentration area at $0.1000. In addition to this critical demand area, a low trading volume confirms the possibility of a rebound in the near term.
CRO/USD daily chart
Traders should wait for the confirmation of the potential long positions to avoid incurring more losses due to the generally bearish cryptocurrency market. An established break above the channel’s upper boundary would cement the bulls’ position in the market. Crypto.com price’s key targets to the upside are the supply areas at $0.1172, $0.1328 and $0.1560.
On the other hand, if the down leg stretches further, Crypto.com price may retest the demand area at $0.0900 before triggering a reversal.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
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