Crypto.com price settles here after making plans to $1.00

• Crypto.com price falls below a key rising trendline after facing challenging resistance at $0.1560
• CRO’s whales booked early profits during the move to $0.1560, preventing recovery to $1.0000.
• The 50-day SMA is the immediate support preventing the 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 axe. In the last 24 hours, CRO has lost 3.5% of its value to change 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 recovery to $1.0000.

Crypto.com price bears the brunt as whales book early profits

Whales are probably the main force driving the Crypto.com price to the ground. Based on the Supply Distribution calculation below, the number of addresses with between 1 million and 10 million CRO tokens plunged to 1,064 from a 30-day high of 1,127.

Initially, the above change may seem subtle, but the volume movement of these investors is colossal – hence the huge impact on the Crypto.com price. If whales continue to sell, investors should acclimate to CRO exploring more downsides.

Crypto.com supply distribution

Crypto.com is also dealing with a significant decrease in the number of newly created addresses. Santiment’s Network Growth metrics show that only 285 new addresses were created on Monday, down from 543 addresses on July 19. It’s worth mentioning that a consistent decline in this metric means mainstream adoption is falling, denying CRO momentum to sustain upside moves.

Network growth

The Crypto.com price bearer market reversal is not yet over

Crypto.com price appeared to have reached its ultimate floor level when it returned the support at $0.1109 in June and July. The overload of buyers in the area drove the CRO to peaks around $0.1560, confirming a potential move to $1.0000. However, progress has been hampered by fundamentals and micro factors, causing losses below the rising trendline as observed 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) crumbles, selling pressure could increase, pushing the Crypto.com price to seek support at $0.1421 and $0.1360, respectively. For the CRO to be safer, buyers should escape the range resistance (from $0.1421 to $0.1560) and advance to $1.0000.