Cronos traps under selling pressure: Can CRO recover?
Cronos is compatible with both Ethereum virtual machines and cosmos-based ecosystems that allow easy porting of smart contracts and decentralized applications. It was launched in 2021 that runs parallel to the Crypto.org blockchain and powers the pay features of this platform.
Crypto.com is a payment company that was established under the name of Monaco Technology but later rebranded as Crypto.com. Previously there were two platform tokens, Monaco coin (MCO) and Crypto.com coin (CRO); later, the company merged the two coins as Cronos with the previous ticker symbol of CRO. As a native token, it powers both Crypto.org and Cronos blockchain.
In the last two months, the crypto industry started to recover from its yearly low, but after the sudden announcement of the FTX liquidity crisis, most crypto coins made a new yearly low below the previous low. Cronos is still falling from its recent high.
Overall, the CRO token is extremely bearish for the long term, but experts suggest the crypto market will recover when investors feel confident about the crypto market. Binance has taken a required step to arrange a recovery fund which brings back the confidence of the crypto enthusiasts.
Though it is risky, it can be a good time to invest for the long term because most tokens are available near the yearly low. However, do not randomly make investment decisions without reading our CRO coin price prediction.
At the time of writing this post, CRO was trading around $0.07, which is far below the short-term support of $0.1. It is interesting to note the candlesticks of November 12, with a daily high of $0.14 and a daily low of $0.08, which suggests volatility for the short term.
On the daily chart, Cronos candlesticks are forming in the lower Bollinger Bands, and most technical indicators are bearish that suggest extreme bearishness for the short term. The selling pressure is high, as we can find in the daily volume and MACD histograms. You should not invest with an expectation of a quick gain.
For the long term, $0.06 is strong support, and the current price is above this level, but the last two bearish weekly candlesticks have broken the lower Bollinger Bands, which suggests extreme bearishness even for the long term.
You should invest only when Cronos forms a bottom for the long term or consolidate within a range. Before that, you can analyze the CRO price pattern and add it to your watch list to enter at the right time.
