Cronos Coin Chart Hints The Potential Upswing Could Revisit $0.158 latest News

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published 56 seconds ago

Cronos coin price action shows bullish dominance forming at the psychological mark of $0.10 resulting in a price increase of 16.4%. The recovery rally is moving higher and challenges the 100-day EMA, which could soon provide a bullish entry opportunity for sideline traders. So, should you consider taking a bullish trade?

key points:

  • The $11.5 resistance breakout will help the buyers charge towards the $12.633 resistance level
  • The daily-RSI slope shows a clear bullish divergence
  • Cronos Coin has an intraday trading volume of $167.2 million, representing a gain of 81.26%.

chronos coin chartchronos coin chartSource- tradingview

On Sept. 22, Cronos coin rebounded with a bullish engulfed candle from the $0.1 psychological support. This is the second reversal from the $0.1 mark during the past four months, which proves it as a strong accumulation zone.

Furthermore, the daily time frame chart is showing the formation of a double-bottom pattern in relation to these two bullish reversals. This Bullish Reversal Pattern provides a recovery set-up and a one direction Bullish Rally if the price breaks the neckline resistance.

So far, Cronos coin price is showing a bullish engulfing candle above the 20-day EMA, challenging the 50-day EMA with a spike in trading volume. Therefore, the price analysis shows a significant increase in buying pressure.

Along with the 20-day EMA, the bull run broke the local resistance at $0.111, which could now act as a potential support. With this new launchpad and continued buying, the coin price is likely to rise 35.5% to the $0.158-$0.163 neckline resistance. Furthermore, optimistic traders can expect a breakout of this swing high to extend a potential rally to the $0.20 mark.

Conversely, a bullish failure to cross the 50-days EMA would put buyers at risk at the psychological mark of $0.10.

technical indicators

EMA: The 20 and 50-day EMAs act as dynamic resistance to restrict bullish developments.

RSI Indicator: A bullish divergence in the Daily-RSI slope Emphasizes the possibility of a double bottom pattern and recovery theory.

Cronos coin price intraday level

  • Spot Rate: $0.117
  • Trend: Bullish
  • Volatility: Low
  • Resistance Levels – $0.126 and $0.14
  • Support Levels – $0.11 and $0.1

I am working in journalism since last 5 years. I follow Blockchain and Cryptocurrency for the past 3 years. I have written on a variety of topics including fashion, beauty, entertainment and finance. raech out me at brian (at) coingape.com

Cronos Coin Chart Hints The Potential Upswing Could Revisit 0158 CryptomarketBagCronos Coin Chart Hints The Potential Upswing Could Revisit 0158 CryptomarketBag

The material presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for your personal financial loss.

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