This week, Cronos’s price reached a crucial supply zone after rising consistently for a month. It has rejected that zone twice and is now deciding on where next to head. However, it remained bullish on a daily.
After finding solid ground above the $0.05 level, CRO consolidated for two months and slowly took off until the price tested a crucial supply zone this week. It saw a rejection at $0.085 and temporarily paused the rally.
It retraced slightly and found hourly support above the $0.079 level yesterday. The buyers reiterated actions today and pushed the price a bit to where it’s currently changing hands at $0.0816.
Following the steady increase in the past month, the asset still looks strong on the daily chart. However, it may initiate a drop from the current trading level if the bulls fail to show more commitments.
Regardless of the recent pause in buying pressure, the latest setup is something to pay attention to as it decides on whether to break or make this crucial supply zone.
If the price breaks up this zone, CRO’s next buying would be targeted at the $0.127 level. On the other hand, we can expect selling to $0.62 if the price makes the crucial zone.
CRO’s Key Level To Watch
The closest support level to watch for selling lies at $0.076. A further dip could bring the price lower to the $0.07 support before testing the important $0.062 level.
Should CRO scale through this supply zone, the potential resistance levels to watch for increase are $0.095 and $0.106. There’s also a resistance level at $0.117 in case of more increase.
Key Resistance Levels: $0.095, $0.106, $0.117
Key Support Levels: $0.076, $0.07, $0.062
- Spot Price: $0.0816
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coin.
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