CRO Technical Analysis: May Breach Price Below the Fibonacci Pivot Point of $0.111

Ankita  |  Jul 17, 2021 is a blockchain-based ecosystem that caters to three verticals - payments, financial services, and trading. This network focuses on offering payment solutions to attract and retain users. On the other hand, their major sources of revenue are their trading and financial services solutions. CRO is the native token of this ecosystem. Let us look at the technical analysis for CRO.

Past Performance

On Jul 11, 2021, CRO opened at $0.118. On Jul 16, 2021, CRO closed at $0.112. Thus, in the past week, the CRO price has decreased by roughly 5%. In the last 24 hours, CRO has traded between $0.108 - $0.114.

Day-Ahead and Tomorrow

Currently, CRO is trading at $0.11. The price has decreased from the day’s opening price of $0.112. Thus, the market seems bearish.

The MACD and signal lines are negative. However, a bullish crossover by the MACD line over the signal line has occurred. Moreover, they are close to the zero line and may turn positive soon. Thus, the overall market momentum is turning bullish. Hence, we can expect the price to start rising.

Currently, the RSI indicator is at 57%. It faced rejection at 50% and rose to the current level. Hence, buying pressures are high. High buying activity will exert upward pressure on the CRO price.

However, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. Hence, the price may start falling.

In short, the OBV oscillator has given negative signals while the RSI and MACD indicators have given positive signals. Hence, the overall market momentum seems bullish. But, we have to wait and watch if the bullish momentum sustains.

CRO Technical Analysis

Currently, the price is below the Fibonacci pivot point of $0.111. The price may soon surpass it and further break out of the first Fibonacci pivot resistance level of $0.114. Thereafter, we have to wait and watch if the price continues to rise or starts falling again.

Currently, the price is above the 23.6% FIB retracement level of $0.109. It may soon surpass it and further breach the 38.2% FIB retracement level of $0.110. By day close, if the price retests and falls below these levels, then the price downtrend is strong enough to sustain till tomorrow.

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