Published 2 hours ago
The Cronos coin price action shows the bullish dominance sustaining at the psychological mark of $0.10, resulting in a price jump of 16.4%. The recovery rally moves at a high momentum and challenges the 100-day ema, which may shortly provide a Bullish entry opportunity for sideline traders. So, should you consider taking a Bullish trade?
- $11.5 resistance breakout should assist the buyer in charging at $12.633 resistance
- The daily-RSI slope shows an evident bullish divergence
- The intraday trading volume in Cronos coin is $167.2 Million, indicating an 81.26% gain.
On September 22nd, the Cronos coin rebounded from the $0.1 psychological support with a bullish engulfing candle. This was a second reversal from the $0.1 mark during the last four months, valdating it as a strong accumulation zone.
Furthermore, concerning these two bullish reversals, the daily time frame chart shows a formation of a double-bottom pattern. This bullish reversal pattern offers a recovery set-up and a direction bullish rally if the price breach the neckline resistance.
As of now, the Cronos coin prices display the bullish engulfing candle crossing above the 20-day EMA to challenge the 50-day EMA with a spike in trading volume. Therefore, the price analysis reflects a remarkable increase in buying pressure.
Along with 20-day EMA, the bull-run breached the local resistance of $0.111, which could now act as potential support. With this new launchpad and sustained buying, the coin prices could rally 35.5% higher to $0.158-$0.163 neckline resistance. Additionally, the optimistic traders can expect a breakout of this swing high breakout, prolonging the potential rally to the $0.20 mark.
Conversely, a bullish failure to cross above the 50-day EMA will endanger the buyers at the psychological mark of $0.10.
EMAs: the 20-and-50-day EMAs act as dynamic resistance to restrict bullish growth.
RSI indicator: A bullish divergence in daily-RSI slope bolsters the possibility of a double bottom pattern and recovery theory.
Cronos Coin Price Intraday Levels
- Spot rate: $0.117
- Trend: Bullish
- Volatility: Low
- Resistance levels- $0.126 and $0.14
- Support levels- $0.11 and $0.1
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.