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- Cronos price (CRO) is getting ready to record a rapid bullish rally ahead.
- Buyers struggle to break the 20 day exponential moving average before the weekend.
- Market capitalization rose 2.61% overnight, reported at $1.15 billion.
Cronos chain’s native token — Cronos (CRO) found support levels this week, thus crypto price is gradually increasing higher. CROP crypto also fell dramatically due to the recent cryptocurrency crisis, which kicked-out many retail investors from the market. Uncertainty is not drained from the CRO market yet.
Amid downtrend, Cornos token registered the latest annual bottom at $0.05514 mark. Later on, the market capitalization of CRO is gradually healing itself. At the time, market capitalization was reported at $1.15 billion, which rose 2.61% in the last 24 hours.
As of now, Cronos (CRO) price gradually increases towards higher zones, resulting in, weekly price candle stays higher by 5.8% so far. Buyers are preparing for a positive bullish weekend after two strong red candles. For short-term outlook CRO token is bottomed out as buyers found demand zone at $0.055 level.
Hourly price action draws higher-lows trend so far. Meanwhile, buyers struggle to break the 20 day exponential moving average before the weekend. If buyers close weekly closing higher than 20 EMA, buyers may push it towards $0.0763-next resistance area. Trading volume seems low, and bulls need more accumulation for bullish breakout.
Over daily price chart, RSI indicator spiked towards halfway (50 mark) after reversing from the oversold zone. Similarly the MACD is expanding higher to move above neutral zone, while histograms show highs-highs. Conversely, ADX indicator decreases against ongoing recovery, not good for higher sustainability.
Conclusion
Cronos (CRO) coin is forming the third daily bullish candle on 24 December. However, Buyers are motivated to propel crypto higher but day exponential moving average interrupts current trend. Apart from this, RSI and MACD favor a positive scenario.
Support level – $0.055
Resistance level – $0.080 and $0.0125
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
