In this new technical analysis on Monday, we’ll take a look at the CRO cryptocurrency. For several months, the business has been evolving into a downtrend. A market trend reversal is about to take place confirming a rise that could last several weeks. Today we will analyze the asset against the dollar and the Bitcoin determining the key levels to keep an eye on and the scenarios that we can determine for the next few weeks depending on the evolution of the price. Without further ado, let’s get into TradingView right away.
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The CRO is still below the pivot zone of the range
First, let’s start our CRO analysis with the weekly scale to have a perspective on the situation of the good. We can see that since the loss of the confluence of the 15/13/32 EMA in April, the asset has experienced a very strong decline. The first bearish leg in early 2022 is minimal when we compare the two bearish periods.
Now, since May, the asset is moving across a broad range with a lower limit of $ 0.098 it’s a upper limit of $ 0.153 / $ 0.157. Within this range there is a hub area. When the price is higher, the chance a return of the price to the upper limit is more significant. in reversewhen the CRO is below the pivot zone, it is necessary to favor a return of the price to the lower limit.
This the pivot zone is at $ 0.12 / $ 0.124. It is currently in confluence with the EMA 13 whose price has failed to recover as it was lost during the month of April. The level at which the course is located is important. If the CRO manages to break out of it with a bullish breakout as part of a weekly close, bullish targets can be considered with a return, first, to the upper end of the range which is confluent with the 25 EMA
How has the CRO evolved in the last few days?
These days we are witnessing a positive evolution of the CRO against the dollar. When we look at the daily time unit, we can see that the asset has held up to VAL (Value Area Low) for several weeks while compressing with the EMA trio acting as resistance. Furthermore, the POC it also acted as a resistance. As a reminder, this is the price level at which most of the trading volume took place. This information is provided to us by volumetric profile. It is therefore a level to keep an eye on when the price approaches.
During the end of October, the CRO was able to break free from the trio of EMA and POC to recover from it via a bullish withdrawal. This bounce is identified on the chart with a green circle. From now on, the challenge for the asset is to break free from the pivot zone that we have identified on the weekly scale and from the daily MA 100 which, on the whole, allows us to determine the distortion to have.
Also, we can see a resource wick on the HAV (High value area). As we discussed in the weekly part of the analysis, if the CRO manages to close above this confluence of technical levels, the bias to have will actually be bullish, although it is important to be watch out for a false bullish breakout to entice buyers. In addition to the weekly EMA 25, what are the other goals to consider? We can establish intermediate resistances, not shown on the chart, at $ 0.135 and $ 0.143.
Does the asset outperform the king of cryptocurrencies?
Although the asset is not yet free from the EMA13 against the dollar, the situation is different with bitcoin. It will be necessary to monitor the weekly close to determine whether or not a trend reversal is confirmed. In addition to this dynamic resistance, we must also look at the level of rotation within the range that has lasted since May 2022. This hub area it is found at 5,921 satoshi. If the CRO manages to get rid of it, it will be in a favorable position towards Bitcoin.
In the event that bitcoin’s dominance continues to falter relative to the rest of the market, the CRO could potentially do well by attempting a push against the dollar. Of course, it remains to be seen whether the DXY (Dollar Index) will continue its fall or end the current cryptocurrency rally. In any case, if the CRO manages to break through these technical levels, it could seek the 32 EMA within the next few weeks. For the moment, nothing has yet been decided as the weekly closing is expected.
Here we are at the end of this Crypto.com CRO technical analysis, you can see that the asset is still under resistance although it has recently broken through some key levels. Let’s see if the market continues its bullish rally within a rather bearish underlying trend. If cryptocurrencies continue to push higher, the CRO could have good upside potential in the coming weeks. Of course, this will be the case if it breaks the current resistances. If it does not succeed, it will be the signal of a strong return of sellers who could put an end to the dream of a good rebound by the end of 2022. While waiting to learn more about the evolution of the CRO, do not hesitate to discover one of the articles of the Wolves of Wall Street on support and resistance. It will allow you to correctly identify the levels to keep an eye on the price of an asset.
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