- Proof of reserves openly inspected by CROs does not threaten the bears’ dominance.
- The most recent data from Cronos indicates a downward trend.
- Support for CRO can be found at $0.06743, with resistance at $0.08191.
Despite CZ’s idea of open scrutiny of their proof-of-reserves strategy, Cronos’ price action has plunged in the last 24 hours. As of the time of publication, the price of CRO had fallen by more than 15,43%, to $0.06838.
The market capitalization of all listed companies dropped by 15.93% to $1,723,475,224 and 24-hour trading volume increased by 18.70% to $70,369,022, both of which are indicative of a larger sell-off as a result of the drop in stock price.
Chart showing the one-day price action for CRO/USD (Source: CoinMarketCap)
There is increasing evidence of a sell-off in the Cronos (CRO) market, as the Bollinger Bands on the 4-hour price chart are widening. The range is from a high of 0.1094 to a low of 0.0714. For the bears to maintain control, prices must stay below the lower band for an extended period of time.
The -0.0194 Bull-Bear Power (BBP) rating and downward trajectory provide further evidence of bear control if the bulls do not take action to reverse the trend.
Bearish momentum is signaled by a Chaikin Money Flow (CMF) reading below the zero line, as seen in the CRO market with a CMF of -0.19. Its downward trend lends credence to this theory, suggesting that bears will remain in the majority relative to bulls in the CRO market.
The 4-hour chart of the CRO/USD pair (Source: CoinMarketCap)
The 20-day Moving Average goes up through the 5-day Moving Average, with values of 0.0855 and 0.0770, respectively. This move is consistent with a bearish crossover on the CRO price chart, as the price has dropped below both of the Moving Averages.
However, the Stoch RSI, which is currently in the oversold territory at 1.86, provides some encouragement for the bulls. This move is a caution to traders that the current scenario may be coming to an end, but it does not guarantee that prices will flip higher.
Four-hour price chart for CRO/USD (Source: CoinMarketCap)
To put it another way, bulls need to keep prices above the resistance level and fight the CRO asset’s downward trend.
See also: Proof-of-reserve Doesn’t Help CRO Bulls Conquer Bears | Coin Edition The post CRO Bulls Fail to Conquer Bears Despite Proof-of-reserve appeared first on Coin Edition.
Disclaimer: This isn’t financial advice; it’s just for education. Crypted Crypto can’t guarantee its accuracy. Every investment and trade carries some risk, so always do your own research. Invest only what you can afford to lose.
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