- The Cronos coin has given a breakout from the Descending triangle pattern.
- It has melted down by about 50% in a year.
Cronos coin or crypto.com chain is a project launched by crypto.com, which is a Hong Kong-based payment and cryptocurrency platform company. It is supposed to allow users to make cryptocurrency payments to any merchant globally. It can be done by making the CRO an intermediary currency that will convert cryptocurrencies to their Fiat currency.
After the listing, Cronos coin has surged by over 295% in just 21 days of trading. It rose from $0.2500 to $0.9889, which is considered a good surge in a short span. It started its downfall in November 2021 and till now the price is in a downtrend. The Cronos coin’s price has eroded over 94% of its gain till now, which is consider a massive fall.
Cronos coin has surged multiple times in between this downfall. However. The sellers have dominated the buyers on every rise and the buyers were not able to hold the fall. It has been forming a base near the level of $0.05 since June 2023. Cronos coin has formed a very narrow range and it continuously trading in that only.
An Outlook of the Cronos Coin Chart
Cronos Coin has formed a descending triangle pattern and recently given a breakout from this pattern. However, the bulls have failed to provide a follow-up momentum and the coin is currently sideways. Buyers are trying to push the price up, but the sellers are showing their strength and providing a strong supply to the price.
The CRO Coin is strongly defending the $0.04900 level. It is a very crucial support level for the price as of now. Considering the resistance level for the price, the nearest resistance level is present at the level of $0.06228. Apart from that the other two resistance levels are present at the level of $0.08129 and $0.09331.
Overview of the Exponential Moving Average and Relative Strength Index
The CRO coin price is currently trading below the 50-day and 200-day Exponential Moving Average, which indicates that the coin price is bearish. However, the slope of the EMA is Curving flat, which confirms the sideways trend. The Relative Strength Index is currently place at 59.53, which shows that bulls have gain some strong momentum.
Conclusion
CRONOS Coin has been forming a base since June 2023. It has given a breakout from the Descending Triangle Pattern. However, the coin price is struggling to rise as the buyers are not able to provide the Support. If the CRO coin price shows a jump from CMP, it can face resistance at the level of $0.06228. If the price declines from here, it can take support from the level of $0.04900.
Technical Levels for the Cosmos Coin
- Resistance level – $0.06228 and $0.08129
- Support level – $0.04900
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.