CRO token price analysis: The CRO token is jabbed inside a range

The CRO token price is hovering around the supply zone on a daily time frame as it moves strongly off the demand zone.
At present, CRO token price is forming a flag and pole pattern on a daily time scale.
The pair of CRO/ BTC is transacting at the price level of 0.00000351 with a decrease of -2.91% in the past 24 hours.

The CRO token price as per the price action is super bullish and has resulted in tt moving up strongly. At present , the token price is in a mandatory consolidation after showing a steep move in the previous week. CRO token price is consolidating from the past 4 days forming an indecisive candlestick pattern. Currently, the CRO token price is transacting at the price level of $0.0765.

CRONOS token price is down to the short term demand zone

CRO token price, once breaks the supply zone it can start moving up again rapidly. Nevertheless the token price has gone past the 50 and 100 Moving averages way back and since then it has been in an uptrend. Moving upwards the token price can be seen resting at these MAs during the pullbacks. At present, the token price is forming a higher high and higher low formation on a daily time frame.

CRO token price is bullish and the same is depicted in the bollinger band indicator. Prior to the current movement the token price was trading at the lower band off the bollinger band indicator but after bouncing off the demand zone the token price is currently trading at the upper band of the bollinger band indicator. Volumes have increased as the token price rose. Although investors should remain cautious and wait for a proper breakout and then act accordingly.

CRO token price is forming a fag and pole pattern on a daily time frame

ADX curve has been rising on a higher time frame as the token continues to rise. It is a positive sign for the token price. In a daily time frame, the ADX curve has dipped out of the 20 mark and has turned upwards. As the token price rests at the short-term demand zone on a 4-hour time frame. Investors should wait for a positive candle formation at the demand zone.

RSI curve is trading at the level of 51.51. The RSI curve has crossed the halfway mark of 50. The CRO token price has given a breakout of a strong small-term supply zone on a daily time frame. Once the token price breaks the rounding bottoms pattern, the RSI curve can be seen moving up rapidly. The RSI curve has crossed the 14 EMA yellow line indicating a short-term bullishness. The breakout of the bullish chart pattern will result in the RSI curve crossing the mark of 70, supporting the breakout.

The CRO token price has been rising since the past week and has started consolidating before showing a further move. Before the bullish momentum, the token price was consolidating the demand zone and continuously facing s strong bearish pressure from the supertend sell line. But recent movement in the token price has triggered a bullish trend in the supertrend parameters as it gave a buy signal.moving upwards the token price can be seen resting at the super trend buy line which will act as a strong demand zone.

Conclusion: The CRO token price as the price action suggests is bullish and the technical parameters also suggest the same. The token price turned bullish in the last one month and the technical parameters are seen supporting the trend. As of now, the token price is in a strong consolidation and breakout on either side will trigger a big move and therefore the investor should remain cautious and wait for a clear trend and then act upon it.

Support: $0.075 and $0.079

Resistance:$0.085 and $0.089

Disclaimer

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

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing