•CRO/USD is currently priced at $0.31 and has decreased by 12.73% over the past day
•The trading volumes have increased by a mommoth 391.89% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Cronos Coin falls further following 12% slump
The Cronos price today is $0.310181 USD with a 24-hour trading volume of $260,247,571 USD. Cronos Coin is down 12.73% in the last 24 hours. The trading volumes have increased over the past day, while the Volume to Market Cap Ratio stands at 0.03321 for the altcoin.
Cronos Coin was predominantly in the red today, as it extended a recent losing streak that has sent prices down to multi-week lows. This latest drop seems to have taken prices below the support level of $0.32 which is the lowest floor for Cronos Price since early March. The asset may have a hard time violating this level, and therefore, the closing of candles above the $0.4503 level can trigger a bullish reversal. The bears will be aiming to plunge the prices further around the support level placed at $0.244 as the altcoin struggles to attract buyers at the current price levels. The bearish sentiment is captured by Cronos Coin transacting below the 20,50 SMA on the four hour chart.
Long Term View for Cronos Price
The technical indicators for Cronos Coin are bearish for the near term as the MACD indicator shows the MACD and signal line transacting in the negative zone with the gap widening between the two. The increasing size of the red histograms further accentuates the pain of the bulls. In addition to this, today’s drop of more than 12% has also led to a decline in relative strength, and the 14-day RSI is tracking at multi-week lows as it currently trades in the oversold territory at 21.66.
Conclusion
While the Cronos price declined on Monday, volume remained strong, which could indicate the presence of bulls. However, the on-chain metrics indicate that this is not the case and that the downtrend is not about to end anytime soon.
Support: $0.244
Resistance: $0.4503
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.