Crypto.com Coin Price Prediction: Assessing the possibility of a rally amid extreme volatility
|- Crypto.com Coin price sprouts after tapping the bottom level price at $0.10.
- Investor sentiment provides insight into the uptrend’s continuation.
- CRO’s push to higher levels will likely fade if whales keep booking early profits.
Crypto.com Coin price is taking the fight to higher levels following last week’s positive turnaround. Primary support established at $0.10 won the hearts of many investors, envisioning a bullish reversal. At the time of writing, CRO changes hands at $0.15 while gazing upon a potential move to $0.20.
Crypto.com Coin price ignores bearish market conditions, posts notable gains
The crypto market recorded an impressive monthly close, but the situation quickly changed to bearish on August 1, when major assets like Bitcoin and Ethereum returned significant losses. Geopolitical tensions are likely to blame following a showdown between the United States and China regarding House Speaker Nancy Pelosi’s visit to Taiwan.
While the crypto market struggles to find a solid footing, Crypto.com Coin price is among the best performing tokens, rallying 10.50% in 24 hours. A buy signal from the Super Trend indicator implies that bulls will successfully eat into seller congestion at $0.15, thus paving the way for anticipated gains to $0.20.
CRO/USD daily chart
A daily close above $0.15 will go a long way to reinforce the buyers’ growing influence in the market. On the downside, the descending trend line and the 50-day Simple Moving Average (SMA) provide CRO with immediate support. As long as these two parameters favor Crypto.com Coin price’s upside, recovery to $0.20 would be a matter of when and not if.
The total weighted sentiment model by Santiment backs the bullish narrative as it attempts to cross above the mean line. In other words, investors feel that CRO is hugely undervalued and, therefore, has great potential to rally. However, traders should tread with caution because the token will be considered overvalued on crossing above the mean line – a situation that often quickly turns bearish.
Crypto.com Coin weighted sentiment
According to CRO’s supply distribution metrics, some whales have already begun booking profits. The chart below highlights a sharp drop in the percentage of the supply held by addresses with between 1 million to 10 million tokens from 4.59% on July 27 to 4.31% on August 2.
Crypto.com Coin supply distribution
Crypto.com Coin price’s uptrend will likely face a blow if the selling spree, as seen above, continues. Besides, the Stochastic RSI on the daily chart is already oversold, implying that a correction could be in the offing.
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