- Crypto.com price is moving sideways in a range ahead of an impending upward move.
- CRO rests on strong support highlighted by the IOMAP pattern between $0.1416 and $0.1460.
- Crypto.com’s price will continue to move sideways if the whales do not halt their selling activity.
Crypto.com price temporarily halted its quest to recover lost ground at $0.5000 and later $0.9140 (all-time high). The path with the least resistance turned north after the CRO adopted primary support at $0.1062 in June and July. Two key levels at $0.1562 (upper bound of the range) and $0.1408 (lower bound of the range) will determine the next direction of the CRO.
Is Crypto.com Price Ready For The Next Rise?
Crypto.com price is holding firm support at the 100-day simple moving average (SMA) amid pressure to dodge the bullet fired by traders at the upper boundary of the range. 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 extending beyond the 100-day SMA, which puts the lower boundary of the range at $0.1408 into play. Meanwhile, the Moving Average Convergence Divergence (MACD) reveals that Crypto.com price may stay within the range for longer than expected.
CRO/USD daily chart
On the positive side, a bullish continuation is anticipated as long as the MACD remains in the positive region. The bullish divergence formed by the 12-day exponential moving average (EMA) indicates that the price of Crypto.com is entirely in the hands of the buyers.
Reinforcing the impending CRO breakout is strong support highlighted by IntoTheBlock’s IOMAP metric between $0.1416 and $0.1460. Around 3,080 addresses previously purchased 2.92 billion CRO tokens in the range. If this peg zone remains intact, the bears will eventually abandon their bid to drive down the price of Crypto.com, leaving a clear path for gains to $0.5000 and $0.9140, respectively.
Crypto.com’s IOMAP model
Although the run to $0.2000 seems easily achievable, Crypto.com price may encounter headwinds at $0.1578. According to the IOMAP model, 2,610 addresses previously fetched 520 million CRO tokens around the same price zone. However, this resistance is significantly weak compared to the extended support, as analyzed above.
Crypto.com Supply Distribution
Despite the bullish CRO technical outlook, traders should consider booking early profits at the upper boundary of the range. Increased selling activity by large volume holders could curb the move north. As the chart above shows, investors holding tokens between 1 million and 10 million currently account for 4.15% of the total CRO supply, down from 4.93% over the past six months – a bearish indicator.
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