Cronos Price prediction suggests a rise in the long term and buyers are trying to reverse the trend in the upward direction. CRO price is forming a double-bottom bullish pattern but it struggles to break the neckline hurdle.
Cronos price managed to climb above the 50-day EMA which turned the short-term trend in favor of bulls. However, the price is approaching toward the 200-day EMA which might act as an immediate hurdle in coming weeks.
Recently, Cronos crypto witnessed a massive spike in the buying volume and prices tried to expand upside from the range. It shows that some genuine buyers have taken long positions and expecting upward momentum to continue.
Cronos price is trading at $0.0719 with an intraday decline of -2.18%. The 24-hour volume to market cap ratio at 0.0279. The pair of CRO/BTC is trading at 0.00000252 with an intraday decline of 1.56%. The chart structure of CRO with BTC pair is in downtrend and slipping down by forming lower low swings. It shows low correlation with the USDT pair.
At the beginning of March Cronos price witnessed profit booking and dropped below 50-day EMA. It triggered the negative sentiment and invited further decline.
Will Cronos Price break the neckline hurdle?
Cronos price downfall halted near $0.0600 and showed a minor recovery after forming a bullish hammer candle. However, buyers failed to continue the recovery and got stuck into the narrow-range consolidation. Till buyers hold the price above the 50-day EMA the probability of neckline breakout remains high.
Whereas, if the price dropped below the $0.6000 then bears will again try to hit the fresh yearly low. The technical analysis suggests, Cronos price is in the initial phase of trend reversal. It will gain momentum when prices break out of the $0.0954 hurdle.
CRO price consolidating for base formation
CRO price forming a Doji candle on a weekly timeframe shows it lacked direction. However, if the overall market sentiment improved then it may positively impact the prices of Cronos. The price is near the demand zone and if it continues to consolidate in coming months then it may be interpreted as a long-term base formation.
The technical indicators like MACD had generated a positive crossover but the curve is reversing down. It indicates prices may lack the upward momentum. The RSI at 51 denotes neutral territory and a balance between bullish and bearish positions.
Conclusion
Cronos price prediction suggests a rise in the long term but it will gain momentum after breakout out of the neckline hurdle. CRO price formed a double bottom pattern and is trying to break out of the 200-day EMA. The technical analysis says, CRO price is in the initial phase of trend reversal. If it sustains above 50-day EMA then probability of the 200-day EMA breakout will increase.
Technical levels
Resistance levels: $0.0900 and $0.0954
Support levels : $0.0654and $0.0550
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/05/03/cronos-price-prediction-will-cro-price-break-200-day-ema/