Cronos (CRO) Price Analysis: After a 4-Month Correction Phase the CRO Price Has Triggered a Breakout
- PHPzOriginal
- 2024-08-11 00:25:101092browse
Based on the chart structure, the CRO price has been falling by facing resistance from a descending trendline. However, the price has triggered a breakout from the trendline and has surpassed the 20-day EMA.
Cronos (CRO) price is up by 36% in the past two days, reaching the 200-day EMA. However, it faced a price rejection and lost around 10.52%.
According to a source on X, the CRO price chart generated a bullish sign and looks quite promising. The price managed to trigger a breakout from the trendline and retested.
After the retest, it gained more than 20%, which almost cleared its path for bullish momentum.
Based on a source on X, the CRO price triggered a breakout from the triangle. In a weekly time frame, the price formed a base in the $0.0900 hurdle and gained bullish momentum.
It is expected to reach the resistance level of $0.170 after the successful breakout.
Cronos traded at $0.093 at press time, which remained neutral for the past 24 hours. The market capitalization was $2.47 Billion.
Furthermore, the 24-hour trading volume was $98.25 Million, an incredible increase at the time of writing.
After a big correction phase of 4 months, the CRO price triggered a breakout. During the breakout, the trading volume surged by 600%, which is a bonus for buyers. It may help in boosting a bullish momentum and eye for the $0.1500 hurdle as its target.
Buyers might show their involvement if the token price manages to sustain over the trendline. Assuming the price starts trading over the 200-day EMA, strong buying pressure can be anticipated and may gain 100%.
Alternatively, if the CRO price faces resistance from the 200-day EMA, it could turn into a fake breakout. A fake breakout may lead to trapping the buyers at the breakout, and the price may witness strong selling pressure.
According to the technical indicators, the Cronos price surpassed the 20-day EMA and is heading toward the 200-day EMA. MACD has generated a golden crossover with the signal line, and the histograms have been flipped to green.
After a bearish momentum, the CRO token triggered a breakout and was ready to shoot up soon. The price has exceeded the 20-day EMA and reached the 200-day EMA, but it is facing difficulty overcoming it.
During the breakout, the trading volume increased by 600%, which might boost the price further.
Technical Levels
The bullish trend in CRO price may halt near the $0.095 and $0.120 levels. The price may take support at $0.0800 and $0.0500 mark.
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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