CRO Technical Analysis: Price Likely to Fall Below $0.107, $0.103, and $0.098

Ankita  |  Jul 2, 2021 chain is a decentralized open-source blockchain platform. It is a financial services company that offers payment solutions as well, the blockchain of CRO powers the gateway of the mobile payments app. Let us look at the technical analysis of the same.

Past Performance

On June 25, 2021, CRO opened at $0.1. On July 1, 2021, CRO closed at $0.11. Thus, in the past week, the CRO price has increased by approximately 10%. In the last 24 hours, CRO has traded between $0.109 - $0.117.

Day Ahead And Tomorrow

Currently, CRO is trading at $0.110. The price has decreased from the day’s opening price of $0.117. Thus, the market seems bearish.

The MACD and signal lines are in the positive zone. However, 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 50%. It faced rejection at 53% and has fallen to this level. Thus, selling pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal for CRO.

The OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the CRO price.

In short, when we look at all three oscillators, we can say that the price may continue to fall. However, 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 second Fibonacci pivot point of $0.110. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $0.107, $0.103, and $0.098, respectively.

The price has tested and fallen below the 38.2% FIB retracement level of $0.110. It may soon fall below the FIB retracement level of $0.107. 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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