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Crypto.com Native Token Cronos (CRO) Eyes $0.35 Despite a Bearish Start

Bob Mason
·3-min read

Key Insights:

  • Crypto.com native token Cronos (CRO) is on the move this week.

  • CRO continues to find support after the Crypto.com u-turn on reduced rewards.

  • CRO technical indicators are bearish, with CRO sitting below the 50-day EMA.

On Wednesday, Cronos (CRO) jumped by 7.22%. Following a 5.44% rally on Tuesday, CRO ended the day at $0.3119.

Network news updates gyrated CRO in recent days, with market sentiment towards Fed monetary policy testing investor resilience.

This week’s reversal demonstrated the power of decentralization that has failed elsewhere in the crypto sphere.

Cronos Eyes for a Return to $0.35 After a Testy Start to May

Following two consecutive days in the green, CRO is under pressure this morning. Investor sentiment remains mixed as the broader global financial markets react further to Fed forward guidance on monetary policy.

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While a 50 basis point rate hike was in line with market expectations on Wednesday, the market hadn’t predicted a less hawkish Fed to curb the inflation runaway train.

Network news updates were also CRO price positive this week.

On Sunday, FX Empire reported a Crypto.com decision to cut CRO card rewards effective June 1.

Investors dumped CRO in response to the news, leaving CRO at a low of $0.2650 before support kicked in.

A Crypto.com decision to u-turn the decision has since delivered CRO support, with CRO returning to $0.30 levels.

CRO Price Action

At the time of writing, CRO was down 0.99% to $0.3088. A mixed start to the day saw CRO rise to an early morning high of $0.3137 before falling to a low of $0.3064.

Daily chart suggests a bottoming out.
Daily chart suggests a bottoming out.

Technical Indicators

CRO will need to avoid the $0.3045 pivot to target the First Major Resistance Level at $0.3197.

Broader market sentiment would need to improve to support a return to $0.31.

In the event of an extended rally, CRO should test the Second Major Resistance Level at $0.3274. The Third Major Resistance Level sits at $0.3503.

A fall through the pivot would bring the First Major Support Level at $0.2968 into play. Barring an extended sell-off throughout the day, CRO should avoid sub-$0.29. The Second Major Support Level sits at $0.2816.

Steering clear of the pivot would support another breakout.
Steering clear of the pivot would support another breakout.

The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. CRO sits below the 50-day EMA, currently at $0.3320. This morning, the 50-day EMA pulled back from the 100-day EMA. The 100-day EMA also pulled back from the 200-day EMA, CRO negative.

A move through the 50-day EMA would shift market sentiment and support a near-term return to $0.35 levels.

A move through the 50-day EMA would support a return to $0.35.
A move through the 50-day EMA would support a return to $0.35.

This article was originally posted on FX Empire

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