- CRO price broke a major resistance near the $0.0735 and the 50-day simple moving average.
- It cleared a key bearish trend line with resistance near $0.0720 on the daily chart.
- The price is up over 15% and might rally further toward the $0.0935 resistance.
CRO price breaks key hurdle | Image from Cronos Official Website
NEW DELHI (CoinChapter.com) — Cronos’s CRO surges above the $0.0740 resistance. It seems like the current rally is far from over, and the price might climb toward $0.086 or $0.0935.
CRO Price (Cronos) Rallies Over 15%
This month, CRO formed a strong support base above $0.0655 against the US dollar. The bulls remained active near the $0.0655 support and protected more losses.
Finally, the price reacted to the upside and broke a few hurdles near $0.0720. The price cleared a key bearish trend line with resistance near $0.0720 on the daily chart. It opened the doors for more gains above the 50% Fib retracement level of the downward move from the $0.0937 swing high to the $0.060 low.
This week, CRO price outpaced Ethereum and Bitcoin, up nearly 20%. It trades well above the $0.074 pivot level and the 50-day simple moving average.
On the upside, immediate resistance is near the $0.0808 level. The first major resistance is near the $0.0850 level. It is close to the 76.4% Fib retracement level of the downward move from the $0.0937 swing high to the $0.060. There could be more upsides.
Suppose CRO climbs above the $0.085 resides. Then, the next major resistance is near the $0.0935 level. A clear move above the $0.0935 resistance might lead Cronos’s price toward the $0.100 zone. Any more gains could open the doors for a test of $0.1150.
If there is no upside break above $0.085, CRO could start a downside correction.
The first major support is near the $0.077 level. The next major support is near the $0.0740 pivot level. A close below the $0.0740 level might push the price toward the $0.070 support and the 50-day simple moving average. The price even declined toward the $0.060 support in the stated case.
Overall, CRO price signals a strong bullish breakout above the $0.0740 level. If the bulls remain in action, there could be a steady increase toward $0.085 or $0.0935. On the other hand, Cronos might correct lower and revisit $0.0740.
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