Will, Token Price Revisit the $0.1 Mark?

Published 7 hours ago by
Brian Bollinger Despite the recent sell-offs in the crypto market the token prices plunged back to the long-tested support level of $0.55. The lower price rejection candles that reverted from this support indicate that buyers are still defending this horizontal level. Though a potential reversal from this support could raise the CRO price significantly, this coin will remain under bearish threat until the overhead trendline is intact.advertisementKey Points:The CRO price bullish reversal signs at the $0.55 mark
Sellers could benefit from the continuing downtrend by using the downsloping EMAs (20, 50, and 100).
The token’s 24-hour trading volume is $272 million, which represents a 66% increase.
Source-TradingviewOver the past five months, the native token Cronos formed a descending triangle pattern. This bearish pattern could intensify the selling momentum if the neckline support is broken. On November 9, the CRO price suffered a major decline from $0.1 as its neckline support. This sell signal was triggered by the crypto market turmoil triggered by the collapse of FTX, causing a significant drop in Cronos’ price. Trending StoriesThe post-retest plunge plunged prices by 42% to hit the December 2020 bottom support at $0.055. The token prices currently trade at $0.067, and rebound from the above support zone. The long-wick rejection of the last two candles indicates that buyers are buying at this support. A bullish reversal at the $0.055 support is considered minor relief rally. However, the market trend remains bearish. advertisementBollinger band: the falling price breached the lower band of the indicator, accentuating the aforementioned throat for the aggressive downfall and the need for price recovery to stabilize the token intraday price levelsSpot price: $0.0679
Trend: Bullish
Volatility is high
Resistance level: $0.08 and $0.1
Support level: $0.055 or $0.04
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