Bulls may dominate Cronos market
CRO/USD Price Analysis October 16
The breaking up of the confluence at the resistance level of $0.11 may push up Cronos to $0.12 and the price may target the resistance levels at $0.13. Inability to break up the confluence at $0.11 level may decrease the price towards the support levels at $0.10, $0.09, and $0.08.
Resistance zone: 0.11, $0.12, $0.13
Support zone: $0.10, $0.09, $0.08
CRO/USD Price Long-term Trend: Bearish
Cronos is bearish on the daily time frame. When the bearish movement started on September 20 it located a support level at $0.10. It bounced up from the mentioned support level and tested the resistance level of $0.14. CRO/USD retraced from the resistance level of $0.14. Last week, it retested the support level of $0.10 which is the previous low. The just mentioned level has been tested thrice which indicate a triple bottom chart pattern.
The bearish momentum is reducing as bullish daily candle is produced today. The coin is trading below 21-day EMA and 9-day EMA. The breaking up of the confluence at the resistance level of $0.11 may push up the price to $0.12 and the price may target the resistance levels at $0.13. Inability to break up the confluence at $0.11 level may decrease the price towards the support levels at $0.10, $0.09, and $0.08. Meanwhile, the Relative Strength Index period 14 is raising above 40 levels indicate a buy signal.
CRO/USD Medium-term Trend: Bearish
CRO is also bearish on the 4-Hour chart. When sellers pushed CRO to the support zone of $0.10 last two weeks but the bears were unable to push down the coin further due to the low momentum coupled with the strong support zone. The price pulled back to retest the resistance level of $0.12. Last week, sellers returned in to the market and the support level of $0.10 is retested.
The price reverses when the bulls interrupted the bearish trend. The dynamic resistance level is penetrated upside. The price is above the 21-day EMA and the 9-day EMA with the two EMAs not well distance from the price. The relative strength index period 14 is at 51 levels with the signal line point up to indicate an increase of CRO price.