Cronos price analysis indicates that the bears are dominating the trend which may trigger another breakdown. The bulls may try to defend the current level but the breakdown could lead to a sharp fall as there is no major support here. The breakdown may trigger a decline and drag the price to a two-year low.
The daily chart shows that the price has been sliding down steadily, forming a bearish channel pattern. The CRO price is steadily declining, rolling in between the upper and lower boundary of the channel. The CRO price slid below the key moving average of 50 and 200-day EMA, indicating bearishness in both the long-term and short-term.
The bulls tried to break above the previous swing high and change the trend in their favor. However, they failed to make a change in the trend and the price declined again. Currently, the price seems to be struggling to sustain near the recent swing low and thus consolidated. The consolidation has stretched for more than 30 days but there is no dominance at the moment.
Cronos Price Showing Consolidation Near Swing Low
The Cronos price is currently trading at $0.051 and consolidating near the recent swing low. The price trend favors the bears and might show a breakdown. The breakdown of the consolidation may drag the price to a 2-year low.
The volume analysis shows that the CRO crypto has received a $4.6 Million volume in the past 24 hours which is below the 10-day average volume of $5.19 Million. The crypto holds a market cap of $1.293 Billion and ranks 35th in the crypto market. The volume to market-cap ratio is 0.45% indicating a very low volatility in the market.
Technical Indicators Show a Bearish Trend Dominance
MACD lines are showing a positive crossover. Also, histogram bars are being formed above the mean line of negligible height indicating an indecisive trend at the moment.
The EMA analysis shows that the CRO price fell below the 50 and 200-day exponential moving average indicating the domination of sellers in the price trend.
At the time of publishing, the RSI value of the CRO token is 46.80 and that of the SMA line is 41.69. RSI shows recovery after entering an oversold region indicating weakness in the trend.
Conclusion
The CRO price is in a bearish trend, forming a channel pattern and sliding below the key moving averages. The price is consolidating near the recent low but may break down and fall to a two-year low. The volume is low and the MACD, EMA, and RSI indicators show weakness and indecisiveness in the market. The CRO crypto is ranked 35th in the market cap and has a low volatility ratio. Cronos’ price analysis suggests that the bears are dominating and the bulls are struggling to defend the current level.
Technical Levels
- Support levels: $0.0488 and $0.0441
- Resistance levels: $0.0539 and $0.060
