CRO Technical Analysis: Price May Soon Breakout Above $0.10

Ankita  |  Jun 22, 2021 is one of the largest crypto exchanges in the world. CRO is the prime governance token of the chain - an open-source blockchain network built by Moreover, the exchange offers value-added services like crypto debit & credit cards, DeFi products, and a robust crypto investment platform. The technical analysis of the same is as below.

Past Performance

On Jun 15, 2021, CRO opened at $0.12. On Jun 21, 2021, CRO closed at $0.09. Thus, in the past week, the CRO price has decreased by roughly 25%. In the last 24 hours, CRO has traded between $0.089 - $0.103.

Day-Ahead and Tomorrow

Currently, CRO is trading at $0.094. The price has increased from the day’s opening price of $0.09. Thus, the market seems bullish.

The MACD and signal lines are positive.  Thus, the overall market momentum is bullish. Moreover, both the lines have converged. Hence, we can expect the price uptrend to sustain.

Currently, the RSI indicator is at 72% - deep into the ‘overbought’ region. It faced rejection at 62% and rose to the current level. Hence, buying pressures are very high. High buying activity will push the price further up.

Besides, the OBV indicator is upward sloping. Thus, buying volumes are much higher than selling volumes. In other words, the OBV indicator is giving further credence to the positive momentum indicated by the other two oscillators. In short, all three oscillators have given bullish signals.

CRO Technical Analysis

Currently, the price is above the Fibonacci pivot point of $0.094. It may soon break out of the first Fibonacci pivot resistance level of $0.10. If the bulls remain strong, the price may break out of the subsequent resistance levels of $0.103 and $0.108 in a few hours.

The price has tested and surpassed the 61.8% FIB retracement level of $0.094. The price may soon break out of the 50% FIB retracement level of $0.096 as well. Thus, as of now, the price uptrend is strong. Hence, we can expect the price to continue rising tomorrow as well.

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