- Cronos price prediction points at the strong bearish trend for CRO token
- The CRO crypto plunged 50% in the last one year
- CRO price recorded at $0.05062 since August 2022
Cronos’s (CRO) price prediction reveals a bearish market structure for CRO crypto that has been sliding since February 2023. The market escalated 78% from its swing to the resistance level of $0.08454 at the start of the year 2023. The CRO crypto price peaked at $0.09535 before surrendering to the bears. Following the rejection, the bears started selling aggressively and sank the price below the important support level of $0.05479. However, the bulls have made a moderate recovery ever since.
At the time of writing, the current market price of Cronos is $0.05933. The 24-hour trading volume plunged 50%. The market is up 0.66% in the last 24 hours. The overall market cap of CRO is $1,501,437,978.
Will Cronos token Recover From Its Depths?
Cronos’s (CRO) price prediction highlights the fear-driven market, which triggered a panic in the market. The selling pressure forced the price to dip below the support and record a new low of $0.050621 since November 2022. The bulls decided to show and accumulate the token below the support.
This resulted in a moderate recovery of 21.83%, propelling the CRO token price to a resistance of $0.06215. The seller shorted the market at the resistance, stopping the price from going further. Meanwhile, the market is trading below the 200 EMA, which highlights strong selling pressure.
Can CRO Resume its Recovery?
The 4-hour price reveals that the CRO token price is following a minor uptrend. The price makes higher highs and higher lows while taking support from an ascending trendline. Such a market structure can be interpreted as a bear flag which is commonly observed in a strong downtrend.
At present, the market consists of trapped buyers who bought the token at a higher price and want to exit the positions with the minimum loss. Therefore, a breach of the ascending trendline could trigger the next wave of a sell-off and send the price to its lower levels. The sellers maintain a strong grip at the resistance levels.
RSI
The RSI indicator is currently at 51.34. It represents mild bullish conditions where the price may continue to rise until RSI goes below 50. Aggressive buying may happen only if RSI goes below 70.
MACD
MACD is making a bullish crossover below the zero line. The market may recover in the short term but will rise significantly if the indicator crosses the 0 line
200 EMA
On the 4-hour chart, the price is above the 200 EMA. This means that the market is bullish with the control of the buyers. The 200 EMA acts as a dynamic support, and the price may increase until it subsides the 200 EMA.
Conclusion
Cronos’s (CRO) price prediction reveals a bearish market structure for CRO crypto that has been sliding since February 2023. The strong downtrend makes it difficult for investors to open new positions due to the fear of declining prices. The CRO token price has lost momentum after the sell-off, and investors are being impatient with time. It would be best to consider a good risk management strategy to avoid losses.
Technical Levels
- Support Level: The nearest support level is $0.05479
- Resistance Level: The nearest resistance level is $0.062156
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.