- Crypto.com price flaunts multiple buy signals, promising a potential 36% breakout.
- CRO price must hold above its $0.1095 support to avoid short-term pullbacks.
- The IOMAP on-chain model affirms that the odds favor a sustainable move to the upside.
Crypto.com price is on the offensive against bears on Tuesday amid calls for crypto regulations by global financial leaders. As reported, the Fed Chair believes that much thought has to be put into the regulation of DeFi (decentralized finance). Meanwhile, CRO price exchanges hands at $0.1163 at the time of writing, bringing its weekly cumulative gain to 11.50%.
Crypto.com price is in the process of confirming a 36.00% move
Crypto.com price tested support at $0.1000 for the second time since June, revealing a developing double-bottom pattern. This pattern signifies a potential bullish reversal with a precise breakout target equal to the distance between the two bottom points and the neckline.
The pattern forms as a result of buyers taking advantage of an exhausting downtrend around the bottom price level and a sharp bounce evolving. The bullish aggression is often characterized by increased volume, but price needs to crack the neckline hurdle for a confirmation of the reversal.
CRO/USD daily chart
It is worth mentioning that Crypto.com price has, since May, been dealing with low trading volumes. The OBV (On Balance Volume) indicator is trending sideways at the midline. If the index remains unchanged, investors should manage their expectations for a 36.00% rally to $0.1718 and take profits whenever possible. Potential exit points are the 100-day SMA (Simple Moving Average – blue) at $0.1252, the seller congestion at $0.1406 and the $0.1557 level, respectively.
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Crypto.com IOMAP on-chain metric
Despite the shrinking volume, Crypto.com price sits on top of robust support highlighted by IntoTheBlock’s IOMAP between $0.1127 and $0.1162. Approximately 5,400 addresses previously purchased 123.21 million CRO tokens in the area.
Investors who took their positions in this range are likely to increase their aggression, especially with Crypto.com price displaying a possible 36.00% bullish move to $0.1718. At the same time, the absence of solid hurdles may pave the way for a quick climb to the double-bottom pattern’s neckline. Such a move would lay the groundwork for the eventual rally as forecasted.
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