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- 1 Cronos price is currently trading at $0.0519 with an increase of 0.78% during the intraday session.
- 2 Cro price trades below 20,50,100 and 200-day EMAs.
- 2 The year-to-date return of Cronos is -6.82%.
Cronos’ (CRO) price has been displaying a strong bearish trend since the start of May as the price received a rejection from $0.08 level. The bullish rally for CRO began at the start of 2023, when the price started to rise from the low of $0.0548 and formed an annual high at the $0.0935 level. The stability of the crypto market has taken a hit amid the Securities and Exchange Commission’s (SEC) legal actions and lawsuits.
The market leaders Bitcoin and Ethereum are currently bearish, which has affected all of the altcoins. The shattering of the major support level of $0.0620 level has turned out to be the major reason for the price to lose all the gains of 2023. Investors expected that price would hold the $0.062 level but bearish momentum shattered the support.
CRO price consolidated near the $0.06 level, but the bearish sentiment over the price pushed the price below the $0.06 level. CRO price has wrecked the annual lows and has formed support at $0.0515 level. The current candle is bullish and headed toward the immediate resistance level of $0.055 level. A break and close above $0.055 level would confirm an active participation of bulls in the market and a chance of short-term reversal.
The bulls need to protect the recent support of $0.0515 level as a break of it would lead to the price falling down below $0.05. Community members are worried that the SEC could soon target Crypto.com which is a crypto exchange and developer of a blockchain platform.
Will CRO Price Break $0.05 level?
CRO price is trading below 20,50,100 and 200-day EMAs indicating bearish momentum. Traders should be cautious if the price reaches near the 20-day EMA as it has been acting as a resistance for the price. The Chaikin money flow score is -0.08 suggesting bearish sentiment and weakness in the market.
RSI trades at 29.28 in the oversold region which suggests that CRO price might retrace toward the $0.055 level. There is a chance of a short-term pullback in the price. CRO price is trading near the lower band since the start of June and has not shown any major signs of pullback. The long/short ratio is 0.82 with 45.31% longs and 54.69% shorts, indicating a bearish sentiment hovering over the market even though the candle was bullish in the last 24 hours.
Conclusion
The market structure and price action for Cronos is bearish and the community is already worried about SEC which has induced negative sentiment in the market.
Technical levels
Major support: $0.0515 and $0.0450
Major resistance: $0.055 and $0.0620
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.
