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Bulls may dominate Cronos market soon
CRO/USD Price Analysis 15 November
In case the bears defend the support level of $0.06, Cronos may reverse and face the resistance level of $0.08, $0.09, and $0.10. A close of the daily bearish candle below the $0.06 support level may push the price to $0.05 and $0.04 support levels.
CRO/USD Market:
Key Levels:
Resistance zone $0.08, $0.09, $0.10
Support zone: 0.06, $0.05, $0.04
CRO/USD Price Long-term Trend: Bearish
Cronos is bearish on the daily time frame. The crypto was trading within the range of $0.12 and $0.10 for many weeks. This ranging movement started when the coin tested $0.10 level and the bears could not break down the level. The buyers also were not able to break up the $0.12 level. On 09 November, sellers gained more pressure that pushed down the price below the $0.10 level. The price decreases further to test the support level of $0.05. At the moment, the price is pulling back.
Cronos is trading below 21-day EMA and 9-day EMA at distance as a sign of strong bearish movement. The bullish daily candle is produced today indicating an increase in the bullish momentum which may be a pullback. In case the bears defend the support level of $0.06, the price may reverse and face the resistance level of $0.08, $0.09, and $0.10. A close of the daily bearish candle below the $0.06 support level may push the price to $0.05 and $0.04 support levels.
CRO/USD Medium-term Trend: Bullish
Cronos is bullish on the 4-Hour chart. The price found support at the $0.06 level on 14 November and it seems the just mentioned level is rejecting further price decrease; strong daily bullish candles are emerging. The price has broken upside to the resistance level of $0.07. The dynamic resistance level has been penetrated.
The price is trading above the 21-day EMA and the 9-day EMA with the latter trying to cross the former EMA. The relative strength index period 14 is at 47 levels with the signal line point up to indicate an increase in CRO price.
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