CRO Facing Rejection, Will it Hold $0.0900?

CRO price action reflects profit booking and is sliding toward the 200-day EMA, displaying a breakdown on the charts. CRO price has slipped below the 20-Day and 50-Day EMAs and is heading to the lower neckline of the range near $0.08500. Furthermore, the price action reveals seller dominance and low investor interest in recent sessions.

CRO price is trading above the 200-day EMA and is struggling below the round mark of $0.1000, signaling bearish pressure in recent sessions. Buyers are trying their best to lift the gains but are facing rejection, which is a clear sign that sellers have persisted in forcing the bulls, resulting in a retracement. Moreover, the technicals are suggesting that CRO price may face consolidation in the following sessions.

At press time, Cronos (CRO) is trading at $0.8929 with an intraday drop of 4.88%, showing a neutral projection. Moreover, the trading volume remained neutral at  $15.06 Million, indicating selling pressure. The pair of CRO/BTC was noted at 0.00000204 BTC, while the market cap is $1.36 Billion. Analysts have maintained a neutral rating and suggest that the Cronos price will soon retest its 200-Day EMA mark.

CRO on Daily Chart Reveals Neutrality

On the daily chart, CRO price was in a narrow range and hovered below the 20-Day EMA zone displaying neutrality in recent sessions. Moreover, the trend reflects bearish pressure. CRO price may soon slip to the lower support mark of $0.08000.

The relative strength index (RSI) curve stayed below the midline near 40, showing a negative crossover, indicating neutrality on the charts. Moreover, the MACD indicator showed a bearish crossover and formed red bars on the histogram, suggesting that the Cronos price may continue to lose the gains.

Weekly Chart Displays Rejection From 100 Day EMA

On the weekly chart, CRO price displayed a rejection candlestick and reverted from the 100-day EMA mark, revealing a strong seller’s grip. A bearish crossover was also spotted, which will drag Cronos price toward the 20-day EMA and signal a short-term retracement.

Summary

CRO price stayed in a narrow range and is heading to retest the lower neckline support zone of $0.08000 near the 200-day EMA mark. Furthermore, the technicals are signaling a selloff and CRO price may continue to lose gains. The RSI is below 40 and the MACD displayed a bearish crossover.

Technical Levels

Support Levels:  $0.08000 and $0.07500

Resistance Levels:  $0.09600 and $0.1000

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.