- Cronos price reverses prior gains, fading a bounce from multi-year support after last week’s 86% rise.
- CRO turns lower from 50-bar SMA, with a looming MACD bear cross drawing sellers.
- RSI pullback from overbought territory suggests the price pullback is a healthy correction.
- CRO bulls can stay hopeful above $0.1550 support, with $0.3300 acts as the key upside hurdle.
- Short-term consolidation for Cronos is likely, but the broader bullish trend is expected to prevail.
Cronos (CRO) price drops over 3.0% intraday to $0.2720 as it pares the previous week’s stellar 86% rally during the early hours of Thursday’s New York trading session.
The altcoin’s latest retreat could be linked to a U-turn from the 50-bar Simple Moving Average (SMA) resistance, fading the early-week rebound from a four-year horizontal support.
Additionally, the CRO pullback traces a gradual decline in the 14-day Relative Strength Index (RSI) line from the overbought territory, as well as an impending bear cross on the Moving Average Convergence Divergence (MACD). With both these momentum indicators favoring further consolidation in the price, the quote’s short-term downside appears confirmed.
Still, softer trading volume and market capitalization join the key support around $0.2500 to challenge the Cronos sellers, keeping the broader bullish outlook intact.
According to Santiment, CRO’s daily trading volume eases from a week’s high to $440.76 million, while the market cap also eases to $9.14 billion.
Cronos Price: Daily Chart Lures Short-Term Sellers
The CRO’s failure to provide a daily closing beyond a horizontal resistance from November 2021, around $0.3100-$0.3300, joins the RSI’s retreat from an overbought zone and a looming bear cross on the MACD to favor the latest weakness in prices.
With this, Cronos appears to be well-set to re-test a horizontal support from late 2021, near $0.2500.
However, the quote’s further downside appears doubtful, which, if it happens, could drag the CRO to late 2024 peaks surrounding $0.2330.
In a case where the altcoin remains weak past $0.2330, the $0.2000 psychological magnet and a nine-month resistance, now support near $0.1750, will gain the market’s attention.
Above all, a two-month-old ascending trendline, close to $0.1550, acts as the last line of defense for the CRO bulls.
Alternatively, a fresh recovery in Cronos price can target the $0.3000 psychological magnet, before the aforementioned multi-year resistance area surrounding the $0.3100-$0.3300 zone.
Beyond that, the late August peak of $0.3900 and the $0.4000 round figure might lure the CRO bulls.
Cronos Price: Four-Hour Chart Defends Bullish Breakout
On the four-hour chart, the CRO retreats from the 50-bar SMA hurdle of $0.2855, but stays far from reversing the last week’s breakout of a two-month bullish channel, keeping buyers hopeful unless the quote drops back beneath the $0.2280 support.
However, the neutral RSI and sluggish MACD signals join the quote’s U-turn from the short-term SMA resistance to direct prices toward a week-long support of $0.2430, before the aforementioned channel’s top surrounding $0.2280 and the channel’s bottom near $0.1650.
Notably, the 200-bar SMA of $0.1860 can act as an additional downside filter before the bears can target deeper daily chart levels.
On the contrary, the $0.3000 and $0.3300 may restrict short-term CRO upside before the daily chart’s higher levels.
Conclusion
With a sustained trading beyond the key technical support and upbeat RSI conditions, the CRO pullback can be termed as a healthy consolidation in prices. However, a downside break of $0.2500 might extend the quote’s latest weakness, requiring bulls to be cautious around that level. Meanwhile, Cronos’ recovery could gain momentum if it manages to stay beyond $0.3300.
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