The Cronos (CRO) market has been bearish in the previous 24 hours, with bears managing to lower the price to an intra-day low of $0.07925. Since then, the price has rebounded to $0.08111, although it is still much below the 24-hour highs of $0.08122.
Despite this negative tendency, the CRO market has shown tenacious, regaining almost all of its losses within a few hours after the drop and rebounding by 1.59% as of press time. Its persistence is a sign of solid bullish support and an indication of the underlying strength of the CRO market.
As a consequence of the bulls regaining control of the CRO market, traders joined, leading the market capitalization to rise by 0.94% to $2,035,428,039.
This rise implies that traders and investors trust in the CRO’s potential and that, despite any brief bearishness, the fundamental trend is optimistic. Yet, given that the 24-hour trade volume declined by 22.77% to $14,405,859, this increase may not indicate long-term sustainable growth. But still, the CRO market’s resiliency in the face of pessimistic sentiment is noteworthy and an optimistic indicator of stability.
CRO/USD 24-hour price chart (source: CoinMarketCap)
The MACD blue line on the 2-hour price chart is trending at the same level as its signal line, which reads 0.0003, indicating that the bullish momentum in CRO is slowing. This reading suggests that the present rising trend may be tiring and that a change in direction is possible soon.
Nevertheless, this does not necessarily imply that the increasing trend will reverse, as the bulls may still be able to maintain the movement since the histogram rests on the “0” line, suggesting a flat trend signaling the current market balance of buying and selling pressure. Therefore, despite the decreasing pace, CRO might likely maintain its upward trend due to the credit of buying and selling pressure if purchasers can continue to match the selling pressure to avoid a reversal in direction.
As the Aroon up is at 92.86 and the Aroon down is at 71.43, there is a clear indicator that the bulls are still in charge of the market, as they have a significant influence in continuing the present upward trend. But, if the market experiences an increase in selling pressure that buyers cannot match, the market may have a bearish reversal, causing the rising trend to reverse. This is reflected in the Aroon indicators, with the Aroon up decreasing and the Aroon down increasing to imply a more significant bearish momentum.
The Money Flow Index (MFI) level of 60.31 indicates that money is moving between buyers and sellers, with neither having a significant edge. If the money flow remains stable, the bulls will probably be able to maintain their rising trend, and purchasers will be able to resist selling pressure. If, on the other side, the money flow swings in favor of sellers, this might signal the beginning of a bearish reversal.
CRO/USD 2-hour price chart (source: TradingView)
The MACD line on the 24-hour chart falls below its signal line with a value of 0.007, indicating that although bulls have the upper hand in the near term, bearish pressure may increase, signaling a probable bearish crossing. This bearish crossing might suggest that the bulls have run their course and the bears have taken charge, or it could just be a temporary trend reversal.
Adding to the CRO gloom, the histogram falls below its signal line with a reading of -0.004, indicating that negative momentum is growing and that a move to the downside is possible soon.
The Aroon up hits 21.43% while the Aroon down touches 57.14%, suggesting that negative momentum is in the majority and hence a downward trend is emerging. This action warns traders to be cautious and brace for a negative swing.
The MFI reading of 54.92 confirms the market’s weakness, indicating that trading activity is steadily drying up and market players may flee from their holdings. Furthermore, this level implies that the present momentum might lead to a negative price reversal, indicating the possibility of a downward trend.
CRO/USD 24-hour price chart (source: TradingView)
Indications show that, although bulls have the upper hand in the near term, their reign may be short-lived since bear power is increasing.
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