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Technical Analysis

Here’s Why (CRO) Price Action Is About to Go From Bad to Worse

2 mins
Updated by Geraint Price

In Brief

  • (CRO) is following a descending resistance line.
  • It completed a five-wave upward movement.
  • There is support at $0.058.
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The (CRO) price could be due a relief rally, but the correction is likely not over yet.

CRO is the native token of the crypto exchange. The CRO token price has decreased below a long-term descending resistance line since August. While the price attempted to break out on Feb. 26, (red icon), it was unsuccessful, creating a long upper wick and validated the slope of the resistance line. The price reversed the trend the same day and has fallen since. 

During the decrease, the daily RSI fell below 50, another sign of a bearish trend. 

As a result, the continuation of the decrease toward the $0.058 support area is the most likely scenario. 

A breakout from the line would invalidate this bearish forecast and could lead to the CRO price increasing to $0.10. (CRO) Price Resistance
CRO/USDT Daily Chart. Source: TradingView (CRO) Price Drop Intensifies Bearish Sentiment

The most likely wave count shows that the CRO coin price completed a five-wave upward movement starting last December. This led to the yearly high of $0.093 last month. However, the long upper wick and ensuing decrease suggest that the upward movement is done. 

What usually follows after a five-wave increase is an A-B-C correction. However, the sharpness of the drop and the fact that the price failed to bounce at the 0.618 Fib retracement support level make it possible that the price has begun a new downward movement which will take it to the $0.058 support area. 

However, a relief rally would be expected in both the correction and downward movement scenarios. 

Therefore, a bounce toward $0.073 followed by another drop is the most likely scenario. A breakout from the short-term descending resistance line would confirm this. (CRO) Price Wave Count
CRO/USDT Daily Chart. Source: TradingView

To conclude, the most likely CRO price forecast is a relief rally toward $0.073 before another drop to $0.058. A close above $0.073 could lead to highs near $0.090, while a breakdown below $0.058 could lead to a sharp fall to $0.03.

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.