Cronos Price Analysis: Will Price Break Its Major Resistance Level

• CRO was trading at $0.063 while observing a rise of 4.88% in the intraday session.
• The token has been facing a downfall for the last 6 months.

Cronos (CRO) is the native cryptocurrency token of Cronos Chain — a decentralized, non-proprietary blockchain introduced by the Crypto.com payment, trading, and financial services company.

Cronos Chain is one of the products in Crypto.com’s lineup of solutions created to expedite the global adoption of cryptocurrencies as a means of increasing personal control over money, protecting user data, and securing users’ identities. The CRO blockchain works primarily as a vehicle that powers the Crypto.com Pay mobile payments app.

The CRO token was under a downtrend from the last 6 months when the price was reduced by almost 60%. The price during this downtrend went down to the support level of $0.048 to $0.051. It also gave a consolidation movement for 3 months, where the price mostly traded between the levels of $0.048 to $0.053.

In the second week of October this year, the price started an uptrend taking support from the level of $0.048 to $0.051. This bullish move gave an ROI of almost 35% within 4 weeks.

The 83.48% of the total supply of the token is presently circulating in the market. Its daily trading volume has increased by 37.30% in a day. The current market capitalization of CRO is $1.61 Billion.

Sentiment Analysis 

The volume of the token increased by 0.8%, causing a price surge of 6.02% in a week. Social mentions dropped by 38.16%, indicating losing interest in the community. The bullish sentiments declined by 38.71%. It reveals that fewer people are in favor of an upward move in the price.

The summary of the indicators on Tradingview suggests a buy signal for the CRO token showing 15 indicators in favor of buying the token.

Technical Analysis Of CRO Token (Daily-1D)

The CRO token’s price is trading above the 200-day EMA, which shows bullishness in the price. If the price sustains above the support level of $0.060 to $0.062 and breaks the resistance of $0.066, it can reach the upside levels of $0.073 to $0.075. 

However, If the price loses the support level of  $0.060 to $0.062 and gets below the 200-day EMA, the next support will be at the 50-day EMA and further at the downside level of $0.048 to $0.051.

Indicators On The Price Of CRO Token

Moving Average Convergence/Divergence (MACD)

Both moving averages are above level 0 and the rising volumes in the histogram show the bullish movement in the price. If the volume keeps on increasing significantly, then the price will continue its bullish movement.

Stochastic RSI 

The Stoch RSI has reached the extremes of the overbought region showing a flat movement and from here it may come down as the selling pressure will be made. The price will come down with the Stoch RSI for some correction. 

CRO LIVE CHART

Conclusion

The analysis of the CRO token suggests that the price can give a further bullish move if it sustains above the 200-day EMA. Also, the price may give a consolidation move for the correction in the RSI levels.

Technical Levels

Support Level: $0.060 to $0.062 and $0.048 to $0.051

Resistance Level: $0.066, $0.073 to $0.075 and $0.079 to $0.081

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.