Significant Price Correction in CRO - Technical Analysis

Ankita  |  Mar 17, 2021 is one of the biggest crypto exchanges in the world. CRO is their native token. The company offers additional services like crypto debit & credit cards, DeFi products, and a robust crypto investment platform. In Feb end, the prices rose rapidly to register a successful rally in March. It has payments across three verticals: Payment, Trading, and Financial Services.

Past Tends

As of March 10, 2021, the opening price of CRO was $0.171. As of March 16, 2021, the closing price of CRO was $0.19. Thus, the price has soared by roughly 11% in the past week. In the past 24 hours, the price has fluctuated between $0.167 and $0.194.

CRO Price Analysis

Day-Ahead and Tomorrow

Currently, CRO is trading at $0.191. The price has slightly increased from the opening price of $0.19. Thus, the market seems healthy.

The OBV indicator has sharply risen in the past 24 hours. Buying volumes are high. High buying pressures will lead to a further increase in the CRO price.

Currently, the RSI indicator is at 53%. The RSI faced rejection at 58% and fell to the current level. Thus, selling activity is slowly picking up. Hence, we cannot rule out a temporary price pullback. In other words, significant price corrections are occurring in the CRO market.

The MACD and signal lines have converged with the zero line. Currently, the market momentum is neutral. It indicates a heavy tussle between the bulls and the bears. If the lines turn negative, we can expect a price dip. If they turn positive, then we can expect the price to go up. As of now, a bullish crossover by the MACD line over the signal line is a positive sign and hence we can be bullish on the CRO price.

CRO Price Analysis

Presently, the CRO price is above the Fibonacci pivot point of $0.184. As the OBV indicator has shown clear positive signs, we can expect the CRO price to surpass the first resistance level of $0.194, in some time.

As a price pullback is expected as shown by the oscillators, the CRO price may test the 23.6% FIB retracement level of $0.188, in some time. If the price successfully breaks out of this level, we can be assured that the bull-run will continue today and tomorrow.

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