- 1 CRO token reveals a range breakdown and is hovering near the 200-day EMA mark.
- 2 Buyers are attempting to save the gains and are initiating a pause.
The CRO (Cronos) token was in the consolidation zone and delivered range-bounded moves in the past sessions. Moreover, the token eventually picked a direction and breached the lower neckline of the range below $0.08400. However, the token gets a rest near the 200-day EMA and tries a pullback. The hammer candlestick was also witnessed, which might have acted as a reversal.
The CRO token price is trading on the verge of the support zone of $0.08300, which, if it breaches, the token will extend the fall and may reach $0.08100 shortly. However, the selling momentum was not steady and buyers were involved in preventing a rash selloff. The price action signified the lower lows and selling pressure and is directing the negative sentiment. The range breakdown is also a negative sign and the token may suffer a selloff in the following sessions.
This cryptocurrency trades at $0.08313 at press time, with an intraday gain of 2.27%, showing a pullback from the 200-day EMA. Moreover, the trading volume increased by 5.30% to $7.62 Million, highlighting volatility. The pair of CRO/BTC was noted at 0.00000200 BTC, while the market cap is $1.27 Billion. Analysts are neutral and suggest that the Cronos token will continue to drag the gains and may retest $0.08000 in the upcoming sessions.
CRO On Daily Charts Exhibits Range Breakdown
Source: CRO Price Chart By TradingView
The CRO token exhibited a range breakdown on the daily charts and suffered selling pressure in the last sessions. Moreover, the token has not done its retracement and sellers are keen to stretch the token toward $0.08000 to book some gains. The technicals are signaling a selloff, but the volume was not too much, and the selling momentum is also lagging.
The relative strength index (RSI) curve stays in the oversold region, and signals bear dominance, which may soon lead the token toward $0.08000. The MACD indicator shows a bearish crossover, forming red bars on the histogram, suggesting that the token may face a selloff and will soon breach the 200-day EMA mark.
CRO On Weekly Charts Displays Rejection From 100 Day EMA
Source: CRO Price Chart By TradingView
On the weekly charts, Cronos crypto has reverted from the bottom zone of $0.04800 and recovered over 70% of gains in the past weeks. However, the token needs a retracement to shine the gains further above $0.08600. Moreover, the token must surpass the 100-day EMA mark to extend the upmove amidst the neutrality.
Summary
The Cronos (CRO) token displays a range breakdown, is still not losing gains, and is hovering near the 200-day EMA mark. However, the price action delivers a negative outlook and suggests a fall to the demand zone of $0.08000.
Technical Levels
Support Levels: $0.08200 and $0.08000
Resistance Levels: $0.08500 and $0.08700
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
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