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- CRO price has been trading on a bear trend despite the market’s bullish sentiments
- CRO price made a double bottom-like pattern
At percent, the CRO price is trading near its recent support level at $0.0714 price after taking a correction of 15% and making a double to a pattern where the price took rejection from the level of $0.087 since its recent bullish rally. Although it did try taking a retest but couldn’t cross above the price of $0.0740 the CRO’s current resistance. The current price of CRO is $0.071 with a change in the 24-hour trading volume of 20.65 percent. Cronos’s price is down 0.65 percent in the last 24 hours.
CRO price trading near the support level on ( Daily timeframe)
The bulls are currently overwhelming the CRO coin across most of the major cryptocurrency exchange platforms by 56 – 58 percent while the bears are dominating some of the platforms by a slight percentage of around 51. While overall market sentiments are currently trading near the neutral level at 49 points according to the greed and fear index although it is seeing an increase of 2 points from 47 points in the last few days according to the Alternative (dot) me site.
Technical Analysis ( On the 1-Day Timeframe)
EMA’s – The CRO price is currently trading below the 200 SMA on a severe bear trend. While the overall market did show some bullish sentiments where the price crossed over the 200 SMA and started trading on a bull trend the Cronos price has been trading under a bear trend. The Cronos is currently taking support from the 100 SMA while the other major key averages 20 SMA and 50 SMA are trading above it. Although the bearish curve in the MA’s is suggesting that they might give a bearish crossover.
Conclusion
CRO price recently broke out of the bear trend near early January at the start of the year where the price after making a double-bottom pattern broke out of its resistance by giving a bullish rally of 34%. However, after creating a new high after breaking its bear trend CRO price took a correction of 11% and started consolidating within a price range of $0.071 to $0.085. As of now with the price making a bearish curve it seems like the CRO price might continue this downtrend although the price is currently trading near its support level.
Technical levels –
Support – $0.070 and $0.0681
Resistance – $0.085
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
