- Crypto.com price is moving sideways within a range ahead of an imminent upside move.
- CRO sits on robust support highlighted by the IOMAP model between $0.1416 and $0.1460.
- Crypto.com price will keep moving sideways if whales don’t discontinue their selling activities.
Crypto.com price has temporarily halted its quest to recover lost ground to $0.5000 and later to $0.9140 (all-time high). The path with the least resistance flipped north after CRO embraced primary support at $0.1062 in June and July. Two key levels at $0.1562 (upper range limit) and $0.1408 (lower range limit) will determine where CRO heads next.
Is Crypto.com price ready for the next climb?
Crypto.com price firmly holds the 100-day Simple Moving Average (SMA) support amid the push to dodge the bullet fired by bears at the upper range limit. With a confirmed break above this resistance, CRO will relaunch its bullish mission first to $0.2000 and later to $0.5000.
Traders cannot rule out the possibility of losses stretching beyond the 100-day SMA, which brings the lower range limit at $0.1408 into play. Meanwhile, the Moving Average Convergence Divergence (MACD) reveals that Crypto.com price might stay within the range longer than expected.
CRO/USD daily chart
On the brighter side, a bullish sequel is anticipated as long as the MACD holds within the positive region. The bullish divergence formed by the 12-day Exponential Moving Average (EMA) indicates that Crypto.com price is squarely in the buyers’ hands.
Reinforcing CRO’s imminent breakout is solid support underscored by IntoTheBlock’s IOMAP metric between $0.1416 and $0.1460. Around 3,080 addresses previously bought 2.92 billion CRO tokens in the range. If this anchor zone remains intact, bears will eventually give up their bid to push Crypto.com price down, leaving a clear path for gains to $0.5000 and $0.9140, respectively.
Crypto.com IOMAP model
Although the run to $0.2000 seems easily achievable, Crypto.com price might encounter headwinds at $0.1578. According to the IOMAP model, 2,610 addresses previously scooped up 520 million CRO tokens around the same price zone. However, this resistance is significantly small compared to the extensive support, as analyzed above.
Crypto.com Supply Distribution
Despite CRO’s bullish technical outlook, traders should consider booking early profits at the upper range limit. Increased selling activities by large volume holders may dampen the move north. As seen on the chart above, investors with token holdings of between 1 million and 10 million currently account for 4.15% of CRO’s total supply, down from 4.93% over the last six months – a bearish indicator.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.