Cronos/TetherShort
Cronos asset is in a bearish state
After reaching a low of $0.05, the Cronos price increased by over 150% and reached $0.12. At this level, the CRO price consolidated, dropping to $0.08 before bouncing back and continuing its upward trajectory.
A few days later, Cronos reached $0.18, surpassing its previous peak. Following the second upward wave, Cronos marked a new low just below $0.12, which is challenging at the time of this writing.
Although the underlying trend remains bullish, Bitcoin's decline has pulled the CRO price down and compromised its support. Breaking the support zone of $0.119 to $0.113 could jeopardize the bullish trend, leading to the dynamic support of the 200-day moving average.
Cronos has already pushed its 50-day moving average downward, which acted as a dynamic resistance, casting doubt on continuing the bullish trend, thus contingent on sellers its bearish possibilities for the altcoin could accelerate in the coming sessions. Interest in CRO cryptocurrency is also declining as the momentum of this same trend continues to decrease.
Referring to the chart, the technical indicator, MACD, is below the zero line, showing a constant flatline at -0.00280, indicating weak buying and selling pressure in the market as the histogram stays narrow at 0.00026.
Likewise, the RSI is at 41.65, and it is taking rejection from the 14-SMA line, which is at 45.19. Since the Cronos asset is in a bearish state and has not yet reached the oversold level of 30 yet, the bearish potential is still intact.
Therefore, if the bears overpowered the bulls, the CRO price would fall and test its lower support zone, which lies between $0.119 to $0.113 this month. Conversely, if the market pushes the price above the resistance zone that lies between $0.137 to $0.141, the CRO price will test its upper resistance level of $0.163 in the upcoming weeks.
A few days later, Cronos reached $0.18, surpassing its previous peak. Following the second upward wave, Cronos marked a new low just below $0.12, which is challenging at the time of this writing.
Although the underlying trend remains bullish, Bitcoin's decline has pulled the CRO price down and compromised its support. Breaking the support zone of $0.119 to $0.113 could jeopardize the bullish trend, leading to the dynamic support of the 200-day moving average.
Cronos has already pushed its 50-day moving average downward, which acted as a dynamic resistance, casting doubt on continuing the bullish trend, thus contingent on sellers its bearish possibilities for the altcoin could accelerate in the coming sessions. Interest in CRO cryptocurrency is also declining as the momentum of this same trend continues to decrease.
Referring to the chart, the technical indicator, MACD, is below the zero line, showing a constant flatline at -0.00280, indicating weak buying and selling pressure in the market as the histogram stays narrow at 0.00026.
Likewise, the RSI is at 41.65, and it is taking rejection from the 14-SMA line, which is at 45.19. Since the Cronos asset is in a bearish state and has not yet reached the oversold level of 30 yet, the bearish potential is still intact.
Therefore, if the bears overpowered the bulls, the CRO price would fall and test its lower support zone, which lies between $0.119 to $0.113 this month. Conversely, if the market pushes the price above the resistance zone that lies between $0.137 to $0.141, the CRO price will test its upper resistance level of $0.163 in the upcoming weeks.
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