Price Prediction: CRO downtrend unfinished as bears aim for $0.01 Price Prediction: CRO downtrend unfinished as bears aim for $0.01

In Short

  • price lost 13% of its market value in December.
  • A bearish cross has been spotted on the weekly time frame.
  • Invalidation of the bearish thesis is a breach above $0.064 to aim for higher targets. price shows extremely bearish technicals. A sweep-the-lows event could wreak havoc on CRO’s long-term trajectory. price to sweep the lows price is hovering on its final leg of support. On December 23, The CRO price was down by 13% as the bears kept the price below $0.06. The Ethereum-based cryptocurrency exchange token has gradually declined along a descending trend channel, providing support on several occasions throughout the year. Now the larger time frame’s technicals suggest the supportive barrier will finally give in. price currently auctions at $0.058. When zooming out to the weekly chart, the 50-week simple moving average has produced a bearish cross with the 100-week moving average. The bearish cue could catalyze a sweep-the-lows event targeting the all-time lows at $0.052. If a double bottom does not form near the lows, then a penny-from-Eiffel-style decline could occur with bearish targets as low as $0.01.

CRO/USDT 1-Week Chart
CRO/USDT 1-Week Chart

The bulls need to hurdle and flip the prior week’s closing candlestick at $0.0636 to invalidate the bearish thesis. In doing so, the bulls could prompt a justified countertrend spike toward November’s high at $0.074. CRO would increase by 30% from today’s market value if the bulls were successful. 

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Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.