The post Cronos (CRO) Faces Key Resistance, Potential Correction Ahead appeared on BitcoinEthereumNews.com.

Cronos (CRO/USDT) has shown an upward move followed by a small pullback that has placed it at $0.16061 with a price dip of 7.66%. Institutional investors are cautious because the dominance of Bitcoin influences altcoins, which increases concern regarding the short-term perspective on CRO. Cronos (CRO) Nears Overbought Zone as Price Tests Upper Bollinger Band The recent price pushed the CRO price above the upper Bollinger Band currently. An upward breakout above the upper band is a clear sign of a strong buy signal. – Advertisement – It may indicate that the market is overbought. As we can see from the chart, the breakout above the CRO resistance level which is at the upper Bollinger Band was not long enough, and minor pullbacks were seen as traders had already started taking in profit. 1-day CRONOS (CRO) trading chart|source TradingView The price has already started giving a bearish reversal but this is normal after testing the resistance level. However, if the downward trend persists, the middle Bollinger Band at $0.10224 could serve as a critical support line for CRO. – Advertisement – The Relative Strength Index (RSI) is at 66.69, indicating that the market is approaching the overbought mark at 70. In case the RSI fails below 60 it could suggest the market is shifting from bullish to bearish. Analyst PStrade2 Sees CRO Dropping to $0.12 Support Before Rebound PStrade2 suggests that CRO could face pressure from the bears pushing the price to the downside. He outlines a support zone at $0.12 and a 30% retracement from its current price. CRO/USDT chart|source X PStrade2 indicates that the price of $0.12 may still act as a good entry point to CRO as it might signify the start of a consolidation phase before the bulls come out again. Market Sentiment and Altcoin Weakness…

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Filed under: News - @ November 17, 2024 12:41 am