- Crypto.com price crashes below key rising trendline after facing tough resistance at $0.1560
- CRO whales took early profits on the move to $0.1560, hampering the recovery to $1.0000.
- The 50-day SMA is the immediate support preventing Crypto.com price from sliding to $0.1421 and $0.1360, respectively.
Another bear market correction erased most of the gains seen on Monday, and tokens like Crypto.com were not spared the ax. Over the past 24 hours, CRO has lost 3.5% of its value to trade hands at $0.1462. From a fundamental and technical perspective, buyers need to go back to the drawing board and find a plot for the long-awaited rally to $1.0000.
Crypto.com price bears the brunt as whales take early profits
The whales are probably the main force driving down the price of Crypto.com. Based on the supply distribution metric below, the number of addresses holding between 1 million and 10 million CRO tokens plunged to 1,064 from a 30-day high of 1,127.
Initially, the change above may seem subtle, but the volume movement from these investors is colossal – hence the huge impact on the price of Crypto.com. If whales continue their selling frenzy, investors should acclimate to CRO by exploring more top-down levels.
Crypto.com Supply Distribution
Crypto.com is also facing a significant decrease in the number of newly created addresses. Santiment’s network growth metric shows that only 285 new addresses were created on Monday, compared to 543 addresses on July 19. It is worth mentioning that a steady decline in this metric implies that general adoption is declining, which robs the CRO of the momentum needed to sustain the upward move.
Crypto.com Price Bear Market Reversal Not Over Yet
Crypto.com price appears to have bottomed out when it bounced off support at $0.1109 in June and July. The congestion of buyers in the region propelled the CRO to highs around $0.1560, confirming a potential move to $1.0000. However, progress was hampered by fundamental and microeconomic factors, resulting in losses below the rising trendline, as seen in the chart below.
CRO/USD four-hour chart
The Relative Strength Index (RSI) in the same four-hour time frame reveals a bearish divergence from the price. If the 50-day simple moving average (SMA) breaks down, selling pressure may increase, pushing Crypto.com price to seek support at $0.1421 and $0.1360, respectively. For CRO to be safer, buyers need to break out of range resistance ($0.1421-$0.1560) and move towards $1.0000.