Cronos registers resistance at 100 EMA: CRO uptrend halts!

CRO (Cronos Coin) is a cryptocurrency used on the Crypto.com platform. It is an ERC-20 token built on the Ethereum blockchain. CRO is used as an exchange medium on the platform, including a cryptocurrency wallet, debit card, and trading services.

CRO is even used as collateral for borrowing other cryptocurrencies through the platform’s Crypto Credit service. The purpose of the CRO token is to be used as a medium of exchange on the Crypto.com platform, which offers a wide range of cryptocurrency-related services. These services include a cryptocurrency wallet, a debit card that can be used for online and offline purchases, and trading services for various cryptocurrencies. 

Additionally, CRO can be used to pay for platform fees, such as trading fees, and users holding a certain amount of CRO can also receive discounts on these fees.

Moreover, the CRO token is even used as a governance token to participate in the decisions of the ecosystem and network upgrades. CRO has a $1,950,097,456 market capitalization, with 83% token supply liquidated to enhance decentralization.

Cronos’ token shows good resilience toward the selling intensity of 2022, with a huge rise in the first three weeks of 2023. Present prices are consolidating around 100 EMA or 38% Fibonacci Retracements, but there are strong indications that this token will be able to surpass 50% FIB levels. Read our CRO predictions to know when the token will surpass the above-mentioned level.

CRO PRICE CHART

Each candlestick developed since January 1, 2023, has a story to tell. The one formed on January 16 confirms a profit booking stance to be active as buyers are already on profits at current levels. Despite losing from the peaks of January 16, CRO is still trading in overbought zones, all while transaction volumes have declined.

This price trend just confirms a positive reaction of buyers to the valuation. Since there are no urgent scenarios for existing this token, we can expect another round of bullish buying to the peaks of its strong resistance level near the 200 EMA curve. 

From RSI to MACD, technical indicators are siding with a bull rally, but a different perspective shows the price hike to be a preparation against possible negative undertakings of the government budgets. In either good or bad decisions, the values would be perfect for a big crash or a positive hike in the next two months.

The levels reached have been made possible with just a slight increase in buying volumes. CRO needs a further uptrend to engulf the negative pressure created in November 2022. It would be challenging to reach new levels without overcoming the previous selling spree. CRO currently trades at a massive decline based on year-to-date valuations.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
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