- CROs open inspection of proof of reserves fails to buck bears control.
- According to Cronos’ latest analysis, a bearish trend is on the rise.
- CRO finds resistance at $0.08191 and support at $0.06743.
Cronos (TSX:CRON)‘ price action has plunged in the last 24 hours, despite CZ’s notion of open scrutiny of their proof-of-reserves strategy. CRO prices had plunged by more than 15,43% to $0.06838 as of press time in this recession.
This price decline is accompanied by a 15.93% dip in market capitalization to $1,723,475,224 and an 18.70% spike in 24-hour trading volume to $70,369,022, indicating a greater sell-off.
CRO/USD 1-day price chart (Source: CoinMarketCap)
The Bollinger Bands are spreading on the 4-hour price chart, implying a rising sell-off in the Cronos (CRO) market. The upper band is at 0.0994, while the bottom band is at 0.0714. Price oscillations below the lower band imply a sustained bear control.
If the bulls do not intervene, the -0.0194 Bull-Bear Power (BBP) rating and southward trajectory will continue to reinforce the notion of bear control.
When the Chaikin Money Flow (CMF) dips below the “0” line, it indicates a bearish run; this is seen on the CRO market, which has a CMF reading of -0.19. This hypothesis is supported by its march south, implying that bears will continue to outnumber CRO bulls.
CRO/USD 4-hour price chart (Source: CoinMarketCap)
With scores of 0.0855 and 0.0770, the 20-day Moving Average crosses above the 5-day Moving Average. This action suggests a bearish crossover on the CRO price chart, and it is backed by a price swing below both Moving Averages, hinting that this trend will persist.
The Stoch RSI, on the other hand, offers some optimism for the bulls, as it is currently in the oversold territory at 1.86. This action suggests that the present scenario may be nearing its end, but it does not automatically entail that prices will flip higher; rather, it serves as a caution to traders.
CRO/USD 4-hour price chart (Source: CoinMarketCap)
In essence, the bulls must retain the resistance level and raise prices to counteract the downtrend on the CRO asset’s price.
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