Elevated Selling Pressure Translates a 5.33% Slump in Cronos (CRO) Price

• Price analysis of cronos shows that CRO price is currently on the decline.
• Cronos (CRO) has established a support at $0.06614.
• The resistance level at $0.07172 is a hurdle for early morning buyers.

In the past day, the value of Cronos (CRO) has plummeted significantly . The decline brought the price of CRO down to $0.06643 from its previous high. During the upward trend, $0.06619 provided support for CRO, while $0.07172 acted as resistance.

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Additional bearish trend is expected as 24 hour trading volume falls to $52,971,890 and market capitalization slips to $1,672,700,927.

The Elder Force Index (EFI) has seen a precipitous drop, indicating that bearish momentum is building . If EFI continues its current downward trend into the negative region, traders and investors should be on the lookout for unfavorable market conditions. As of press time , the EFI reading is 3.773.

The present downward trend is being supported by a bearish candlestick pattern. In addition, with a reading of 22.33, the stochastic RSI indicator is very close to entering the oversold zone (below 20). This development gives the bears a better chance of success, suggesting that the current decline in the CRO market will persist.

The Relative Strength Index (RSI) is heading south, approaching the oversold zone at 49.21, indicating that bearish momentum is growing. Consequently, this trend indicates that bearish momentum is expected to persist for the time being.

With the MACD line falling 0.007 below the signal line, it’s clear that sellers have the upper hand and are likely to keep it for the time being. This downward trend in the CRO price is backed by the histogram’s negative slope (-0.0002).

With a reading of -0.0016 on the Bulls Bear Power indicator, the CRO price is bearish. Since the bear power indicator for the bulls is so close to “0,” the CRO price is likely to reverse direction.

Cronos price analysis shows that the bears are in control of the market, and we expect that this price will dip further if bulls do not intervene.