- Cronos is trading at a price of $0.05766 with a decline of -0.08% in the last 24 hours.
- Cronos Group Inc. has announced that it has been approached by several parties, each expressing their interest in a possible deal with Cronos and themselves.
- Cronos has 2,682,705 followers on Twitter and 187,277 Reddit subscribers showing consistent growth on social media.
Cronos is showing signs of upward momentum as it is trading above the 20-day Exponential moving average and also making new higher highs but is currently consolidating in a zone.
Cronos crypto is the digital currency that powers Cronos Chain, a blockchain platform that is open-source and decentralized, created by the Crypto.com company that offers payment, trading, and financial services.
Cronos saw a huge increase of +69.88% in its trading activity, reaching $1.12M with a slight rise of +0.34% in Open Interest. The current Open Interest for CRO is $4.64M. The ratio of longs to shorts for CRO is 0.9234. CRO reached its highest price ever on Nov 24, 2021 at $0.965407 and is now trading with a drop of -94.02% from that peak.
Cronos Technical Analysis
Market Structure:
The Cronos has been on a downward trend for a long time and recently bounced back from a low of $0.05020 and began to make new higher highs by surpassing previous high points and is now trading in a sideways pattern forming multiple support and resistance levels.
Cronos Indicator Analysis
Source: CROUSD. OKX.1D by TradingView
EMA:
Continuous decline in the value of Cronos resulted in a bearish crossover which further reinforced the downward trend in the market and the 20,50-day Exponential moving averages are still in a bearish crossover which indicates weakness in the market and to move upwards buyers will have to drive the market with strong volumes which will then cause a bullish crossover on the chart.
RSI:
The RSI for the CRO is showing signs of bullishness as it has spiked from the overbought zone and is currently sustaining above the 50 levels, it has also broken out a trendline forming a bearish divergence.
Conclusion
By looking at the charts we can see that the CRO is trading in a downtrend following a bearish crossover but has recently started to create higher highs and is also sustaining above the 20-day Exponential moving average and the RSI also is indicating a bullish signal. The market is currently trading in a range and we can see a very good up move if the market breaks the range on the upper side.
Technical Levels
- Support Level – 0.05767 and 0.05155
- Resistance Level – 0.05880, 0.06087 and 0.06420
Disclaimer
The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.
