Cronos’s price has been dropping hard since the asset underwent a rejection at $1.5, a few days back. Despite a huge selling pressure, the price managed to hold the lower support at $1, aiming to rebound & recover at the earliest. Currently trading at $0.1046 Cronos increased by 0.75% in the last 24 hours.
Prices on Cronos fell to levels under the corresponding lows of $0.1080 before rising quickly for the next five days. The price fluctuations demonstrate that the CRO generated a series of consecutive lower lows and lower highs.
There is a falling wedge pattern on the graph that indicates an oncoming bullish reversal and predicts a 21% upsurge by comparing the initial swing high and swing low to the breakout point.
The predicted breakout price for Cronos is $0.1120, which places the falling wedge goal for CRO at $0.1360 despite the fact that the platform has yet to produce one. The liquidity resting above the equal highs created at $0.1260 is a conservative aim.
At the range low of $0.0985, another equal low form may be destroyed. Investors should use generous stop-loss levels if they choose to engage in this trade.
The bullish thesis will be refuted if Cronos’s price produces a daily candlestick close below $0.0985 and converts the range low into a resistance level. This modification will cause the CRO price to reevaluate the support floor of $0.0922.
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