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- CRO/USDT is up 3.93% in the last 24H
- CRO/USDT has taken a bounce of almost 14% from its swing low
CRONOS has been trading in a downtrend since February this year. The prices started to tumble as the market couldn’t sustain above the $0.08 level. This led to a loss of almost 40% of its value.
CRONOS has been sliding down since February this year. The current price for CRO is $0.05732. The 24H Trading volume saw a surge of 47.40%. CRO has been under a bearish influence as the price struggled to sustain above $0.08. This led to the price decline to key support levels. CRONOS is getting a decent bounce from its recent swing low suggesting that the asset might be initiating its recovery soon.
The Daily chart shows a moderate bounce
As the Daily chart suggests, CRO is under the bear grips as the price is trading below the 200 EMA. The steady decline led to a breach of $0.05479. The Bulls rushed in to save the price and pushed it back above the support by almost 14%. This move trapped the Bears forcing them to exit their positions. The swift recovery could be suggesting that Cronos may begin a further recovery phase.
The RSI is also signaling a speedy recovery as the value rose at a higher rate in the last couple of days. CRO managed to close above the 9 and 15 EMA and this is a good sign for the Bulls in the Short-term. The price is expected to encounter a Resistance at $0.06215.
A rebound halted by the 200 EMA
A closer look at the 4H chart shows that the price has managed to create a higher high. In the short term. CRO is taking a halt at the 200 EMA as it is a key resistance level. The Bulls must flip this EMA to continue the uptrend and extend the recovery phase. Bitcoin has taken a pump in the last 2 days and this is a sign that Altcoins are ready to rebound.
The Technical Indicators also point at bullish price action in a short time. The Daily trend for CRO is still bearish and hence investors should remain cautious as the prices can slide at any point. If we consider a bearish scenario, the Market can still slide almost 25% to its next support of $0.04249.
RSI: The RSI indicator is currently at 86.04 on the 4H and the RSI has crossed the MA line towards the upside. This indicates that CRO is extremely bullish and overbought.
MACD: The MACD indicator is above the 0 line and suggests that the market is bullish.
200 EMA: As observed, on the 4hr, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. This clearly indicates a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.
Technical levels
Support Levels: $0.05472 – Support 1
$0.04249 – Support 2
Current Price: $0.05732
Resistance Levels: $0.05082 – Resistance 1
$0.06215 – Resistance 2
Conclusion:
CRONOS is getting a decent bounce from its swing low. The Market made a higher high suggesting a change of trend in the short term. The volatility has increased and investors should follow strict risk-management plans to minimize their losses. The trend on the Daily time frame remains bearish until CRO finds a way to flip the 200 EMA. If the Bulls Continue this uptrend, the price will show a potential of at least 40% toward the daily resistance of $0.08.
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.
