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- 1 Cronos price is trading at $0.0582 with a decrease of 0.85% intraday.
- 2 Cronos price is trading below 20,50, 100 and 200-day EMAs.
- 3 The year to date return of Cronos is 4.11% while three month return is -7.32%.
Cronos price gained bullish strength at the beginning of 2023 when price started to rise from the low of $0.0553 level. CRO price had enough bullish momentum to push the price above $0.09 level. The price created a yearly high at $0.095. CRO price suffered strong rejection from $0.095 level and bears jumped into the market to push price down toward the $0.06 level in the month of march. CRO price is down by 94% from the all time high of $0.9698.
The support level near the $0.06 level helped price in gaining bullish momentum for price to retest the annual high. Bears had different plans for the price and the move was halted after CRO price touched the $0.0835 level.
Possibilities For Cro
CRO price has been consolidating since the end of May. If a candle can break and close above $0.064 level, there is a possibility for the price to retrace back to $0.07 but the market structure states that the possibility of that happening is quite low. If bears can shatter the recent support level of $0.058 level, the next support zone resides near the yearly lows and the price would lose all gains made in 2023.
Will Cronos Price Reach Yearly Lows?
Cronos price is trading below 20,50,100 and 200-day EMAs indicating bearish momentum in price. The chaikin money flow score of Cronos is -0.28, indicating strong weakness in the market.
Relative strength index is 36.40 suggesting more pressure from bears over the price. RSI touched the 30 mark but did not enter the oversold zone amid the bearish pressure. The 20-day SMA of the bollinger has been acting as a resistance for the price since the starting of May.
Cronos price has reached the lower band and there are no signs of reversal in the price. There is a chance of short term pullback toward the 20-day SMA in upcoming days.
The long/short ratio of cronos is 1.13 with 53.13% longs and 46.87% shorts indicating that bulls have started to jump in the market to protect price from further falling in the last 24 hours.
Conclusion
The market structure and price action of Cronos is bearish and price is on the verge of breakout by shattering the recent support. The technical indicators are favoring the selling side but the long/short ratio of the last 24 hours indicate a presence of buyers on the current support level. The crypto market is struggling amid the SEC’ lawsuits against crypto exchanges.
Technical Levels
Major support: $0.0580 and $0.0557
Major resistance: $0.0615 and $0.0640
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. 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.
