CRO Price Analysis: The sellers stepping back into the Market?

• The CRO price is currently trading at $0.075 while seeing a change of -66% in 24-hour trading volume.
• The price of CRO is down by 2.76% in the last 24 hours.

The CRO price at present is facing major resistance around the price of $0.0900. Despite the buyer’s attempt to push the price above resistance levels, it has not been able to breach its resistance levels. The Investor’s sentiments are taking a bearish turn, if the price takes rejection from its current resistance it can take a downfall of 13% or more. The majority of technical indicators such as EMA, SMA, RSI, and Stochestic RSI are trading in the bear’s favor.

Recently, the price made an attempt to make a bullish breakout after breaking its 3-month-long consolidation range near the end of April. The break above all the major EMA’s surging up 22% within a week. Though the bull’s support was not enough to break its long-term resistance. The sellers are steadily stepping into the price action where the Ocilators are taking a reversal from the overbought zone on the daily timeframe.

The RSI and Stochestic RSI indicators pointing in the same direction are a rare occurrence.

CRO price trading near the support level on ( Daily timeframe)

The Majority of market sentiments at present are seeing a significant increase since the last week. At present the sentiments are trading near the greed zone at 64 points in the greed and fear index. The sentiment Index is observing an increase of 11 points since the last week when the sentiments were trading near 53 points  according to the Alternative (dot) me site.

The bears are currently dominating price action in the CRO coin across the majority of the cryptocurrency exchange platforms by a significant increase of 51 – 94% according to Coinglass a cryptocurrency information platform.

Technical Analysis ( On the 1-Day Timeframe)

Presently, the price of CRO is facing severe resistance from the 200 EMA and the faster-moving 20/50/100 averages are making a narrow convergence near $0.700.

The RSI line is taking a reversal from the overbought level near 70 points.  Presently, the value of the RSI is 60.78 points which is above the 14 SMA which is at 52.65 points. The RSI line is giving bearish signals its recent support point is near the median line with 14 SMA.

The stochastic RSI is moving with the RSI line. The %K is giving a bearish crossover to the %D line near 90.65 points..

Conclusion

The majority of technical indicators are giving a bearish indication EMA and SMA are providing resistance to the price whereas Ocilators are taking a reversal from the overbought zone. 

Support – $0.0700 and $0.0660

Resistance – $0.0900

Disclaimer

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

Nancy J. Allen is a crypto enthusiast and 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.

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