CRO appeared to have suspended bearish momentum after finding a temporal support level last week. Looking for a retest, the price is up today following a steady increase in the past days.
After witnessing a notable breakdown in February, CRO managed to stay above $0.068 and established support in the late month. This led to an early month bounce, and the price increased briefly to $0.1035.
A sharp rejection from that level rolled the price back to the bottom, but luckily, the previous support level held well on Tuesday, and the price increased steadily to where it’s changing hands at $0.092.
These price actions have created a double-bottom pattern on the 4-hour chart. But the bullish pattern looks more like a trap as the overall crypto market still follows strong negative sentiments weekly. The price will likely face some threat anytime soon.
It currently trades near the recent monthly high. Reclaiming this high could bring a sigh of relief, bringing a suspension in the bearish trend. Failure to scale through it could lead to another impulsive bearish move.
That said, CRO is still considered bearish on the daily chart. Having seen a temporal halt in selling, it has lost over 20% in the past month. More losses can be expected as soon as it resumes drops.
CRO’s Key Level To Watch
Source: Tradingview
Right now, CRO’s bulls are charging back at $0.1035. If they reclaim it, the next target resistance level to keep in mind is $0.123. Above it lies the $0.1495 level.
While there’s still room for a drop, the price must dip below $0.078 and the $0.682 support before considering an extension. The key level for support on the way down is $0.06.
Key Resistance Levels: $0.1035, $0.123, $0.1495
Key Support Levels: $0.078, $0.0682, $0.06
- Spot Price: $0.092
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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