CRO Price (Cronos) Pumps Over 12%, Why This Could Be The Start of Bigger Rally
CRO price started a fresh increase from the $0.062 support zone. Cronos bulls are now aiming a strong move towards the $0.094 level in the near term.
- CRO price started a decent increase above the $0.065 resistance against the US dollar.
- The price is trading above $0.070 and the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance at $0.0650 on the 4-hours chart of the CRO/USD pair (data source from Coinbase).
- The pair could continue to rise towards the $0.080 and $0.094 resistance levels.
Cronos CRO Price Eyes Fresh Rally
This past month, cronos’s price found support near the $0.0615 zone against the US Dollar. CRO formed a base above the $0.0615 and $0.0620 levels before it started a fresh increase.
There was a clear move above the $0.0650 resistance zone and the 100 simple moving average (4-hours) to move into a positive zone. Besides, there was a break above a major bearish trend line with resistance at $0.0650 on the 4-hours chart of the CRO/USD pair.
The price is now trading above $0.070 and the 100 simple moving average (4-hours), outperforming bitcoin and ethereum. On the upside, an immediate resistance is near the $0.074 level. It is close to the 23.6% Fib retracement level of the main drop from the $0.131 swing high to $0.0568 low.
The next major resistance is forming near the $0.080 zone. If there is an upside break above the $0.08 resistance level, the price could start another strong increase.
Source: CROUSD on TradingView.com
In the stated case, the price could rise steadily towards the $0.094 level. It is close to the 50% Fib retracement level of the main drop from the $0.131 swing high to $0.0568 low.
Dips Limited in CRO?
If CRO price fails rise above the $0.074 and $0.080 resistance levels, it could start a downside correction. An immediate support on the downside is near the $0.07 level.
The main support is near the $0.0650 level and the 100 simple moving average (4-hours). A downside break below the $0.065 level could open the doors for a fresh decline towards $0.062. The next major support is near the $0.060 level.
4-hours MACD – The MACD for CRO/USD is gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for CRO/USD is now in the overbought zone.
Major Support Levels – $0.070 and $0.065.
Major Resistance Levels – $0.074, $0.08 and $0.094.