In this new technical analysis on Monday, we will take a look at the cryptocurrency CRO. For several months, the asset has been developing in a downtrend. Is it about to cause a trend reversal in the market to confirm the rise that may continue for several weeks. Today we are going to analyze the asset against the dollar and bitcoin to identify the key levels to watch and the scenarios that we can identify for the next few weeks depending on the price development. Without further ado, let’s jump straight to TradingView.
CRO is still below the pivotal area of the range
First, let’s start our CRO analysis with weekly scale To get a perspective on parent placement. We can see that since missing the confluence of the EMA 13/15/32 in April, the asset has experienced a very strong decline. The first downward leg at the beginning of 2022 is at its lowest point when we compare the two bearish periods.
Now, since May, The asset is moving in a wide range with one Minimum at $0.098 and one The upper limit is at $0.153 / $0.157. Within this range it is hub area. When the price is higher, the likely The return of the price to the upper limit is the most important. On the contrarywhen the CRO is below the pivot area, it is necessary to favor the return of the price to the lower bound.
this is The pivot area is at $0.12/0.124. It is currently at confluence with EMA 13 from which price has failed to recover since losing it during the month of April. The level on which the course is located is important. If the CRO can overcome it with a bullish breakout on the weekly closing frame, Upside targets can be considered With a return, primarily, to the upper bound of the range that meets EMA 25
How has the CRO evolved over the past few days?
In recent days, we can see a positive development of the CRO against the dollar. When we look at the daily time unit, we can see that the asset has held at omen (Value area low) for several weeks while squeezing with the triple EMA that acted as resistance. Moreover, the POC He also acted as a resistance. ReminderThis is the price level at which most of the trading volume occurred. This information is provided to us by profile size. Therefore, it is a level to watch when the price approaches it.
During the end of October, the CRO was able to free itself from the triple EMA plus the POC in order to bounce back from it via bullish pullback. This retracement is marked on the chart by a green circle. From now on, the challenge for the asset is to free itself from the pivot zone that we have identified on the weekly scale as well as the 100 daily moving average which makes it possible, in general, to determine the required bias.
In addition, we can see the original fuse on HAV (high value area). As we discussed in the weekly part of the analysis, if the CRO can close above this confluence of technical levels, the bias will indeed be bullish, although it is important that Watch out for a false bullish breakout to entice buyers. Besides the 25 weekly moving average, what are the other targets to consider? We can establish intermediate resistances, which are not shown on the chart, at $0.135 and $0.143.
Is the asset underperforming against the king of cryptocurrencies?
While the asset is not free of EMA13 against the dollar, The situation is different with bitcoin. It will be necessary to monitor the weekly close to determine whether or not to confirm a trend reversal. In addition to this dynamic resistance, we should also watch the pivot level within the range that has been holding since May 2022. This hub area located in 5921 satoshi. If the CRO can get away with it, it will be in a favorable position for Bitcoin.
In the event that Bitcoin dominance continues to falter against the rest of the market, the CRO will probably do a good job of trying to push against the dollar. Of course, it remains to be seen whether DXY (Dollar index) will continue to decline or if it will put an end to the current rally in cryptocurrencies. Anyway, if the CRO can overcome these technical levels, it could aim for EMA 32 within the next few weeks. At the moment nothing is decided yet as we are waiting for the weekly close.
Here we are at the end of this technical analysis on Crypto.com’s CRO, you can see that the asset is still below resistance even though it recently broke through some key levels. Let’s see if the market continues its bullish rally within a somewhat bearish primary trend. If the cryptocurrency continues to rally, the CRO could have good bullish potential in the next few weeks. Of course, this would be the case if it broke the current resistance. If it does not work, it will be a sign of a strong return of sellers that could put an end to the dream of a sweet recovery at the end of 2022. While waiting to learn more about the evolution of CRO, feel free to discover one of our articles Wall Street wolves on support and resistance. It will allow you to correctly identify the levels to watch on the price of the asset.