Cro’s mid-term bearish trajectory is likely to come to an end following the latest sudden price movement. It appeared strongly bullish daily with an impressive 50% surge since the start of this week.
After experiencing back-to-back breakdowns in the past months, Cronos found a solid ground above $0.07 this Monday and bounced a little. This bounce triggered a surge and the price rallied to $0.098 on Wednesday.
A rejection occurred and the price closed well under $0.09. The bulls reiterated actions yesterday and pushed back but failed to surpass the previous daily high. Interestingly, the demand level increased today and the price broke higher to $0.1135 – almost reclaiming August’s high.
It has paused buying and retraced slightly after failing to push higher in the past hours. Nevertheless, the bulls are still in control. If they push higher, Cro may test May’s high before pulling back on the daily chart.
While the last three-day surge is characterized by a strong green candle – indicating a bullish pattern – we can anticipate a major change in the trend after pulling back into a key level. The market may appear bullish at the moment, but it will be too early to consider a reversal.
CRO’s Key Level To Watch
Source: Tradingview
The $0.114 level has been an obstacle for the bulls in the past hours. If they overcome it, their next target would be the $0.135 resistance levels. Higher resistance levels to watch above lies at $0.155 and $0.17.
For a pullback, the $0.098 level is the closest support to watch. Below it lies the $0.088 level. The broader pullback level for drops is located at $0.077.
Key Resistance Levels: $0.114, $0.135, $0.155
Key Support Levels: $0.098, $0.088, $0.077
- Spot Price: $0.105
- Trend: Bullish
- 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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