continues to look weak, CRO could fall another 20%

  • price remains under significant pressure after Thursday’s sell-off.
  • Silent to zero recovery during the trading session on Friday.
  • There may be a deeper bounce in front of the CRO. price action looked very bullish and optimistic on Tuesday and Wednesday, closing more than 10% higher. Thursday, however, saw continued selling pressure, with the day closing lower. Friday’s price action was noticeably flat, but the directional slope remains bearish. price extends to final support structure before dropping to $0.37 price action flirts with the idea of ​​driving down. Participation during the trading session on Friday was very low, with little movement in the overall price range traded. On Thursday, the rejection against Tenkan-Sen resulted in a lower close than Wednesday’s opening, indicating a very bearish event. However, the bears did not follow.

The 50% Fib retracement at $0.445 continues to be the primary support area for CRO price. Failure to maintain the support at $0.445 is likely to bring down to $0.37, where there is a high volume node and 61.8% Fibonacci retracement. The RSI and Composite Oscillator support a downward movement, but the Optex Bands oscillator does not. The Optex Bands oscillator in extreme oversold conditions – but this is the only variable in oversold conditions.

From a bullish perspective, buyers can get rid of any bearish view in the near term by pushing the price to close at $0.53. In this scenario, the CRO will be higher than the 38.2% Fibonacci retracement and Tenkan-Sen. More importantly, Chikou Span will be placed above the candlesticks.

CRO / USDT Daily Chart Ichimoku Kinko Hyo

A clear and undeniable uptrend can only happen when price moves to a daily close above the cloud – the lowest price CRO needs to reach is $0.72 – away from the current value area.