- The price of Crypto.com coins is increasing after reaching the lowest price at $0.10.
- Investor sentiment provides insight into the continuation of the uptrend.
- The CRO push to higher levels will likely fade if whales continue to make early profits.
Crypto.com coin price is taking the fight to higher levels after last week’s positive turnaround. The primary support set at $0.10 captured the hearts of many investors, eyeing a bullish reversal. At the time of writing, the CRO is changing hands at $0.15 while eyeing a potential move to $0.20.
Crypto.com Coin Price Ignores Bearish Market Conditions and Posts Notable Gains
The cryptocurrency market posted an impressive monthly close, but things quickly turned bearish on August 1, when major assets like Bitcoin and Ethereum saw significant losses. Geopolitical tensions are likely to blame following a confrontation between the United States and China over House Speaker Nancy Pelosi’s visit to Taiwan.
As the cryptocurrency market struggles to find solid footing, Crypto.com Coin price is among the best performing tokens, rising 10.50% in 24 hours. A buy signal from the Super Trend indicator implies that the bulls will succeed in reducing seller congestion at $0.15, paving the way for early gains at $0.20.
CRO/USD daily chart
A daily close above $0.15 will go a long way to bolstering the growing influence of buyers in the market. On the downside, the descending trend line and the 50-day simple moving average (SMA) offer CRO immediate support. As long as these two metrics favor the rising price of Crypto.com Coin, the recovery to $0.20 would be a matter of when, not if.
Santiment’s total weighted sentiment model supports the bullish narrative as it attempts to cross the middle line. In other words, investors believe that CRO is extremely undervalued and, therefore, has great upside potential. However, traders should exercise caution as the token will be considered overvalued if it crosses the middle line – a situation that often quickly turns bearish.
Crypto.com Coin-Weighted Sentiment
According to CRO’s supply distribution metrics, some whales have already started making a profit. The chart below highlights a sharp drop in the percentage of supply held by addresses with between 1 million and 10 million tokens, from 4.59% on July 27 to 4.31% on August 2.
Crypto.com Coin Supply Distribution
The uptrend in the price of Crypto.com Coin will likely take a hit if the selling frenzy, as seen above, continues. Furthermore, the Stochastic RSI on the daily chart is already oversold, implying that a correction may be in sight.