CandleFocus Cronos (CRO) Faces Key Resistance, Potential Correction Ahead
2024-11-17
Author: Content Editor
The news article discusses the current price movement of the crypto token Cronos (CRO/USDT) and its outlook in the market. The price of CRO has experienced an upward move followed by a small pullback, resulting in a price dip of 7.66%. Institutional investors are cautious due to the dominance of Bitcoin, which affects altcoins like CRO and raises concerns about the short-term perspective. The recent price movement has pushed CRO above the upper Bollinger Band, indicating a strong buy signal. However, the market may be overbought, and minor pullbacks have been seen as traders take profit. The article suggests that if the downward trend continues, the middle Bollinger Band at $0.10224 could act as critical support. The Relative Strength Index (RSI) is approaching the overbought mark, and a drop below 60 could indicate a shift from bullish to bearish. PStrade2 predicts bearish pressure on CRO, with a potential support zone at $0.12 and a 30% retracement from its current price. The overall market sentiment, influenced by Bitcoin's dominance, makes CRO vulnerable to price drops. PStrade2 advises caution and closely monitoring the market before entering CRO.
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