The Crypto.com coin price has tracked the market higher recently. But has the CRO rally failed its biggest test, or are higher prices coming soon?
Crypto.com coin (CRO) is last $0.1337, down $0.0040 (-2.9%).
CRO, which is the native token of the Crypto.com ecosystem, held up well during July. Unlike several cryptocurrencies, the CRO price stayed well above the June lows.
This is in part due to some impressive advertising deals. In June, Crypto.com announced a partnership with Formula 1 in a deal valued at $100 million. A week later, a similar deal with The UFC followed. The 10-year $175m alliance with the Ultimate Fighting Championship will surely raise the crypto exchanges’ profile over the next decade.
As a result, the Crypto.com coin price has rallied more than 35% since the 20th of July. However, in August, CRO has underperformed, gaining just 5% in the last 9 days.
This may be concerning for the bulls. Especially taking into account that many assets have posted double-digit percentage gains in the same period.
Furthermore, CRO has just been rejected by a major resistance level.
CRO price forecast
The daily chart highlights significant resistance above the market.
Firstly, the 200-day moving average at $0.1418 has capped the price over the last two days.
Adding to the resistance is a horizontal line from the April low at $0.1385. Following May’s crypto meltdown, CRO has been unable to close above this resistance level. And therefore, this should be viewed as a critical threshold.
On that basis, should the Crypto.com price advance beyond $0.1418, the outlook turns increasingly positive. In this event, the bulls would target the early May high of $19.81.
However, a failure to clear resistance could see the price reverse lower. A rising trendline from the June low at $0.1150 and the 50-day moving average at $0.1149 provide support below the market.
As long as CRO remains above $0.1150, the outlook remains broadly positive. Although should the price close below this level, the bullish view becomes invalid.
Crypto.com coin price chart (Daily)
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