Cronos Price Analysis 12/08: CRO’s Descending Channel Continues as Price Touch $0.0570 – Investor Bites

SNEAK PEEK

• Cronos price analysis shows a bearish market sentiment today
• CRO is trading at $0.0572, down by 0.40 percent
• Resistance and support levels are set at $0.0574 and $0.0570 respectively

Cronos faces bearish market sentiment today as the price continues to trade in a descending channel and sellers maintain selling pressure. The market has been trading in a narrow range for the past few days, with the price hovering around the $0.0570 mark and volume remaining low.

CRO is currently trading at $0.0571, down by 0.40 percent over the last 24 hours. The token has witnessed resistance and support levels set at $0.0574 and $0.0570, respectively. Yesterday, the price touched a high of $0.0575 and failed to break through resistance, thus indicating that the sellers are in control of the market.

Crono’s trading volume has been relatively low, with only $5 million worth of CRO tokens traded in the last 24 hours. The descending channel will continue if the selling pressure remains strong and buyers fail to step in. The market capitalization of CRO currently stands at $1.4 billion, with a supply of 25,263,013,692 CRO tokens in circulation.

The daily chart for Cronos price analysis shows a downtrend as the price continues to move lower in a descending channel. In the past 24 hours, the price has been trading negatively and is likely to continue in the same direction. The MACD for CRO shows a bearish signal as the histogram moves lower, and the MACD line crossing below the signal line reflects a downward momentum.

The Relative Strength Index (RSI) indicator indicates a bearish sentiment as the signal line continues to dip and reach closer to the oversold zone. The RSI is currently at 41.72, and any further drop may indicate an extreme sell-off in the coming days. CRO is trading below the 20-day EMA and 50-day EMA, which shows that the price is in a bearish zone.

If buyers can break through the resistance set at $0.0574, CRO could have a chance of recovery. However, for now, the bearish sentiment will likely prevail and drive the price lower in a descending channel.

Overall, Cronos’s price analysis shows that the bearish sentiment will likely continue in the market. The token is trading at $0.0572, and any further drop could drag it closer to $0.0570. The sellers are in control of the market, and until buyers can break through resistance, the downtrend will likely continue.

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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• Source: https://investorbites.com/cronos-cro-price-analysis-12-08/