Crypto News US

• Cronos Coin (CRO) is trading at  $0.056215 with a minor decline of -2.89% in the current trading session.
• In the past 24 hours, the trading volume of Cronos is $6190819 resulting in a decline of 0.40%.
• The Long/Short (24h) ratio for Cronos is 0.7584.

Cronos Coin has been consecutively dropping from higher levels but has recently started to show some signs of bullishness but the momentum is not reliable as the market is still trading below the 20-day and 50-day Exponential moving average.

Cronos Coin is often known as a utility token designed by crypto.com in order to initiate transactions within its blockchain. 

Cronos Coin showed an Open Interest of $4.55M resulting in a decline of -9.19% which denotes the interest of traders in the market, this denotes the trading activity of traders in the market by which we can identify that there is good volume in crypto.

As of 6th July 2023, there is $3.85K of long liquidation against $0 of short liquidation which represents the presence of sellers in the market and denoting the weakness in Cronos.

Cronos Coin Technical Analysis

The price of Cronos Coin (CRO) has slipped below 50 and 200 MA, which suggests that the price is in a bearish trend. The coin could decrease in price in the forthcoming week. If the sellers resume dragging the price downwards, it will decrease more in value. 

The indicator MACD is also in the negative area. The MACD line is at 0.0004 and the signal line at 0.0000 is below the zero line, suggesting the MACD is in bearish territory and giving bearish signals.

The current value of RSI is 53.18 points, and the 14 SMA line is currently below the median line, around 52.22 points which shows bearish sentiment in the market. The 14 Day SMA line beyond the median line reveals a bearish trend. The bearish sentiment spreads around the market. 

Summary

The price action indicates that the price may decline more in the upcoming day’s price showing a pessimistic scenario at the moment. Major reliable indicators like EMA, RSI, and MACD give negative signals about the Cronos Coin (CRO).  Traders and investors should wait for the proper setup for their next move. However, right now coin is in no trading state. Meanwhile, the next move depends on whether the coin gives a breakout or breakdown from here.

Also looking at the price structure we can see that the market is consecutively making lower lows and is currently rejecting from the 50-day Exponential moving average. 

Technical Levels:

Support – The current support level is 0.05472 and 0.05159 

Resistance -The current resistance levels are $0.06180 and $0.06665.

Disclaimer

The analysis given in this article is for informational and educational use only. Do not take this information as financial or trading advice. Trading and investing contain financial risk. Before making any investment or trading decision, please consider your risk profile and circumstances.