Will the Cronos Price Be Able to Hold the $0.05000 level?

• The Cronos price has eroded over 94% of the gains from its high.
• The Cronos price has declined by over 54% in a year.
• CHR token’s price is trading below the 50-day and 100-day Exponential Moving Averages.

The market capital of Cronos token – $1.28 Billion

The current market price of Cronos token – $0.05065

Will the Cronos Price Be Able to Hold the $0.05000 level?

Cronos Token Overview

The Cronos token price is trading in a very narrow range of $0.04950 and $0.05306. After the token fell massively in 3 days of August 2023, its price started the consolidation phase near the support level of $0.05009. The token is in a strong downtrend as the price has fallen over 54% in a year. 

If we observe the movement of the chart, it shows that the sellers have aggressively shorted the token at every rise. The token price has shown a great surge in the beginning as the price has jumped over 3400% in 2 years. It could not stand strong in the selling that happened in the crypto market and fell massively till now.

Technical Analysis of the Cronos Token

The CRO token has been trading flat at the support level for more than a month. The price is facing a strong rejection from the 50-day and 100-day moving averages. Token’s price is trading below both the EMA, which is a bearish sign for the stock. If we look at the volumes, there is no surprise visible as of now. It indicates that the price can consolidate more at these levels.

If we consider the support and resistance of the token, the resistance of the token is present near the price of $0.06169. This level is marked as resistance level 1 on the chart and another resistance is present at $0.08354 level. It is marked as resistance 2 on the chart. The support for the price is present at $0.05009 and the second support is at $0.02783 level which is at the bottom of the chart.

Both the EMAs i.e. 50-day and 100-day Exponential Moving Averages are present at $0.5477 and $0.05218 levels respectively. If we observe the Relative Strength Index (RSI), it indicates that the buyers are gaining some strength. It is not reflected on the chart because the price is flat. 

Conclusion

Cronos token is showing no strength in its price and is trading below the important EMA levels. It signifies that the price might be forming a base near this level. If the price is able to cross the EMAs and breaks the resistance level of $0.6169, it can try to achieve the level of $0.08354. If the price breaks the support level of $0.05009, it can head towards the $0.02783 levels. 

Technical levels 

Resistance – $0.06169 and $0.08354

Support – $0.05009 and $0.02783

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.