Attention: Danger bells ringing in popular crypto exchange token

cryptocurrency. Since hitting an all-time high of $0.955 in November 2021, the price of the com exchange’s native token, CRO, has fallen below a long-term descending resistance line. The bearish move continues until November 2022 at $0.053. Well, what now?

CRO price fluctuations

The price of CRO has been increasing since November 2022 and is confirmed at $0.060. Despite the price increase, CRO failed to break above the resistance line. It too was rejected after CRO hit a yearly high of $0.095. The weekly RSI is still below 50, which could be a sign of a downtrend.

However, the price of CRO formed a higher low in March and reaffirmed the $0.060 support area. Whether the price breaks the resistance line or breaks below the $0.060 area could determine the future trend. One break, crypto. com price could head ahead of the $0.118 resistance area, while a breakout in the opposite direction could lead to a sharp drop to $0.030.

CRO expert opinion

While the weekly chart is mixed, the daily chart is definitely bearish, according to experts. The main reason was the loss of the $0.073 horizontal area and confirmation as resistance. This also coincided with the RSI rejecting the 50 line and the bearish trend line.

Therefore, a drop to the short-term upside support line is most likely. This line coincides with the aforementioned $0.060 support area. Therefore, its jump or deterioration can determine the future trend. On the other hand, a retracement to the $0.073 area could mean that CRO price also broke the long-term descending resistance line. Therefore, this could propel the price towards $0.118. Furthermore, the most likely CRO price prediction is a drop towards $0.060. When it reaches the set goal, the reaction can determine the future trend. Reclaiming the $0.073 area could invalidate this bearish forecast. In this case, CRO price could rise to $0.118.

Information source: compiled from COIN-TURK by 0x information.Copyright belongs to the author Mehmet Çağrı Tunç, without permission, may not be reproduced

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