A quick bounce from last week’s breakout area seems to have positioned CRO’s price for a buy. It is almost reclaiming yesterday’s sell point with a surge over the past hours.
The heavy fallout in Q4 2022 bought the price of CRO to a low of $0.0550. Luckily for the cryptocurrency, it later regained momentum and started the year 2023 on a strong bullish note.
Although the impulsive bullish rally was later suspended to a retracement. It found support in March, bounced back and subjected the trend to sideways movement for weeks. The price picked up last week and flipped a daily resistance level of $0.074
Meanwhile, the cryptocurrency has been footing a bullish trajectory since the start of the year. But due to a drop in the buying volume, the asset stayed in a consolidation phase for a while and resumed positive actions a few days ago. The price is charged back at the time of writing.
Should the price slip again and drop below the ascending trendline, the previous monthly lows would be the area of interest for the bears. A drop beneath the 2022 low could trigger more sell-off.
Cronos’s CRO leads the top-gainers chart with a daily 4% increase at press time. This increase came after retesting the flipped resistance area as support. More positive actions should be expected if the price advances higher.
CRO’s Key Level To Watch
It currently holds yesterday’s low of $0.0694 as support. If this support level cracks, the lower price to consider lies at $0.065, followed by $0.06.
The resistance levels to watch for an increase are $0.0764 and $0.087. A surge through those levels should allow buying towards the $0.095 levels and potentially $0.1 in the future.
Key Resistance Levels: $0.0764, $0.087, $0.095
Key Support Levels: $0.0694, $0.065, $0.06
- Spot Price: $0.072
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
