Crypto.com’s native token (CRO/USD) slid 18% during Tuesday’s market meltdown. However, the CRO price is still firmly in a bullish trend. Aside from a few notable exceptions, this week’s mini crypto crash sent many assets tumbling below key technical support levels, threatening their uptrends. CRO is one of those exceptions.
Last week, we asked if the Crypto.com price was ready for ‘lift off’. The CRO price made the expected move on Sunday, surging above trend line resistance, finishing the day 8.5% higher at $0.1867. Furthermore, the breakout gathered pace on Monday, adding another 9.5% and lifting CRO above a long-term downtrend, putting crypto.com in good stead for what was to follow.
On Tuesday, the cryptocurrency market experienced a shakeout reminiscent of the collapse in May. As a result, Bitcoin (BTC/USD) lost $10,000, Ethereum (ETH/USD) was slammed from $4k down to $3k, and the CRO price dropped 18%, erasing the previous two days gains. However, unlike in May, buyers have emerged to mop up the forced liquidation, and prices appear to be stabilising. As a result, CRO is trading at the same price it was on Saturday, which is hardly a disaster.
Following the dip in July, The CRO price had been trending higher, and by Monday, it had increased by 150%. Even in light of Tuesday’s selloff, at $0.1688, Crypto.com is double its price on July 19th. Furthermore, the seven-week uptrend that formed during this rally remains intact.
Additionally, the uptrend is supported by the 50, 100, and 200-day moving averages, at $0.1500, $0.1423, and $0.1375, respectively. The lower edge of the trend channel, at $0.1374, lends weight to the significant 200 DMA to create a robust support area.
As long as Crypto.com remains above $0.1374, the bullish trend should continue. However, below the 200 DMA, the outlook deteriorates considerably.
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