In this Monday AT news, we are going to focus on the CRO price which, despite a powerful rise in the cryptocurrency market at the start of the year, has not had the opportunity to overcome a large number of resistors. Will this situation last? Today we will identify the key levels to watch and the bias to have on the asset for the next few weeks.
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CRO is still moving under a major pivot
The CRO has been evolving since May 2022 in a wide range with an upper limit at $0.124 and a lower limit at $0.056. In addition, we can identify a pivot zone (shown in blue) on which the price has reacted on numerous occasions since 2020. During the month of January and February, this zone operated as resistance, which demonstrates the difficulty for buyers to push the asset higher.
Currently, the CRO is moving in the lower part of the range. If it does not manage to break free from its pivot in the coming weeks, it will probably head towards the lower limit at $0.056 to register a new low lower than those of the end of 2022. Indeed, the pivot level will need to be broken higher for buyers hoping for CRO to return to the upper end of the range.
For the moment, on a weekly scale, the bias to have is bearish. However, is the situation different on smaller units of time? Is an upward trend reversal about to occur? This is what we are going to try to answer without further delay by moving towards the 1D time unit.
A currently amorphous trend
With the use of volume profile, we can identify additional levels that should be carefully monitored. Recently, the CRO lost support at $0.073, causing it to drop to its Value Area Low (VAL) before bouncing back. However, the support that was lost now acts as resistance for the CRO, which does not make it easy for buyers at this time.
As long as the CRO evolves below $0.073, the bias to have will be bearish with a bearish target that corresponds to the lower limit of the weekly range. Currently, buyers are scrambling on High Volume Node at $0.069. The current challenge is to free oneself to move towards the resistance.
In case of acceptance of the price below this zone with the formation of a new downward low, the CRO will probably take the direction of the VAL which is located at 0.063 dollar which is in confluence with a second High Volume Node. This is the next support in case the CRO is led to register a new bearish leg. However, if the CRO manages to overcome its resistance at $0.073, this will be the first sign of a return to its pivot with, however, a potential price reaction on the POC (red line) at $0.079.
Here we are at the end of this analysis of the CRO. Given the current price situation, there is no uncertainty about the bias to have which must be bearish with a target that corresponds to the lower limit of the range. However, we have identified in the analysis the resistances to watch which, in the event of a break-up, would give a first sign of the return of the bullish momentum on the CRO. Bitcoin and Ethereum will have to be followed with great attention during this month of April since they will probably have an influence on the evolution of CRO.
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