CRO Technical Analysis: Trading Above the Fibonacci Pivot Point of $0.121

Ankita  |  Aug 6, 2021

CRO is a native token that was developed by, a payments and Defi solution company. They are currently focused on providing utility to their customers. Also, CRO owners can use it to pay transaction fees on the platform. Let us look at the technical analysis of CRO.

Past Performance

On July 30, 2021, CRO opened at $0.12. On Aug 5, 2021, CRO closed at $0.13. Thus, in the past week, the CRO price has not shown any volatility. And, in the last 24 hours, CRO has traded between $0.12-$0.13.

TradingView Chart Snapshot

Day-Ahead and Tomorrow

Currently, CRO is trading at $0.127. The price has increased from the day's opening price of $0.119. Thus, there seems to be bullish momentum in the market.

Also, the MACD and signal lines have entered into the positive zone. Moreover, the MACD line is above the signal line, thus indicating that the price may rise for the rest of the day. However,

Currently, the RSI indicator is at 58%. It faced rejection at 53.3% and rose to this level. Thus, buying pressures are slowly mounting for CRO. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.

In short, when we look at all three oscillators, we can say that the price may continue to rise. 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 above the Fibonacci pivot point of $0.121. But, if the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $0.113, $0.107, and $0.100, respectively.

However, in the past, the price has tested and fallen below the 38.2% FIB retracement level of $0.132. It may soon rise above the FIB retracement level of $0.133. 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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