CRO Technical Analysis: Price Below the Fibonacci Pivot Point of $0.1283

Ankita  |  Jun 4, 2021

CRO is a native token that was developed by Crypto.com which is a payment and Defi solution company.  They are currently focused on providing utility to their customers. CRO owners can use it to pay transaction fees on the crypto.com platform. The following CRO technical analysis predicts the price trends for the next few days:

Past Performance

On May 28, 2021, CRO opened at $0.13. On June 3, 2021, CRO closed at $0.13. Thus, in the past week, the CRO price has not shown any volatility. In the last 24 hours, CRO has traded between $0.1267-$0.1336.

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Day Ahead And Tomorrow

Currently, CRO is trading at $0.128. The price has decreased from the day’s opening price of $0.13. Thus, there seems a bearish momentum in the market.

The MACD and signal lines have entered into the negative zone. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the price may decline further.

Currently, the RSI indicator is at 35%. It faced rejection at 27.3% and rose to this level. Thus, buying pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.

The OBV indicator has been increasing as the trend moves in the upward direction. Thus, buying volumes are gradually increasing in the crypto space. Although, High selling activity will exert downward pressure on the ZIL price.

In short, when we look at all three oscillators, we can say that the price may continue to fall. However, the price has been taking support of the $1.12 level. So, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

CRO Technical Analysis

Currently, the price is below the Fibonacci pivot point of $0.1283. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $0.1250, $0.1208, and $0.1086, respectively.

The price has tested and fallen below the 38.2% FIB retracement level of $0.1283. It may soon fall below the FIB retracement level of $0.1250. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.

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