CRO Technical Analysis – September 2021
Over the last 30 days, CRO increased by around 48%. Afterward, CRO had a dip in the price by 24%. As the price started to correct and move upwards again, CRO recently had yet another downward breakout and has declined by 25% in the last seven days. The recent decline could be attributed to the rounding top pattern that emerged from the recent price movement in a 4-hour chart.
In the last seven days, CRO has been declining, and the trend might have reversed since the price broke the trend line. We might see CRO keep declining in the coming hours unless support structures are strong enough to resist sellers.
In the intraday chart, CRO has been quite volatile. Day traders have taken the short approach on CRO, especially since the buying pressure has gone down.
Due to the recent dip in the price of CR, the 20-day moving average has now moved above the price, indicating that the trend might have reversed. Furthermore, this MA line can act as resistance in the coming days for CRO.
The 9-day EMA has also moved above the price due to the recent bearish breakout. We might see this EMA line resist potential corrective attempts.
Relative Strength Index
The RSI of a daily chart is below 50. This indicates that the momentum is bearish, but it could also mean that CRO has space for more growth in the coming weeks. As for the 4-hour chart, the RSI is below 30. This suggests that CRO is being oversold and that its price may increase in the coming hours until it is in the 30-70 range.
The MACD line is now below the signal line, and it is heading below the baseline. This indicates that sellers have taken over and that the price of CRO might keep going further down in the coming days.
Fear & Greed
The fear and greed indicator suggests that there is fear in the market for CRO. This might translate to why the price of CRO broke out of the channel and is now going further down.
The Fibonacci of the previous breakout suggests that the 61.8% level of retracement was respected twice as CRO encountered resistance in that region. Nonetheless, the price went even higher in the following days.
As for the recent price breakout, Fibonacci retracement levels suggest that the price of CRO could increase up to one of the levels in the coming hours since CRO recently found support at $0.15.
Price Prediction CRO – September 2021
Based on this analysis, we might see CRO increase in the coming hours, but its price might keep declining later on. If resistance is strong enough, we might see CRO go below $0.14. CRO is bearish in the short run, but not necessarily in the long run. An increase in the price of BTC could easily surge the price of CRO as well.
Latest News for CRO – Affecting Price
While there has not been any major news for CRO recently. However, it is worth mentioning that CRO is heavily influenced by the volume of activity of Crypto.com since CRO is its native token. The recent price decline could attribute to the fact that the trading volume has fallen and so has the demand for CRO tokens. Despite that, CRO could have a bright future.
Also read: Crypto.com Coin Price Prediction 2021 and Beyond – Is CRO a Good Investment?