Cronos (CRO) Token Analysis: A Bearish Outlook?
Cronos (CRO) has seen a significant decline in price, currently down 55% from its recent high and 91% from its all-time high. While the token has seen a slight market cap increase, its trading volume is declining, with a negative MACD trajectory and RSI heading toward the oversold zone. These indicators suggest that further declines in CRO price are possible.
Key Takeaways
* **Low Concentration:** The top 10 holders of the Cronos token only hold 4.0% of the circulating supply.
* **High Circulation:** 88% of the total supply is circulating, with a circulating supply of 26.5 Billion CRO.
* **Volatility:** CRO volatility is hovering at 6%.
* **Market Cap:** The token is the 34th largest cryptocurrency globally, with a market cap of $2.305 Billion.
* **Trading Volume:** The value of the traded volume for the token has declined by 7.9% in the last 24 hours, with a traded value of $6.877 Million.
* **Liquidity:** The token’s liquidity is very low, with a volume/market cap ratio of 0.30%.
* **Sentiment:** The sentiment of the token has been bearish, followed by the fear and greed index at 25, which showed extreme greed among investors.
Technical Analysis
* **Price Action:** CRO has declined by 55% from its swing high of $0.1851, followed by consistent profit-taking.
* **EMAs:** The 20-day and 50-day EMAs are trading in a golden cross, but their values have declined from the higher levels. The token price is below the EMAs and has sustained below them for a long time.
* **MACD:** The MACD and the signal line have formed a death cross and have declined to a negative trajectory. This is followed by bearish histograms formed on the charts.
* **RSI:** The RSI has declined below the 14-day SMA, followed by a decline below the 50-level. The RSI has been declining from the overbought zones and has headed towards the oversold zone.
Cronos Derivatives
* **Liquidation Activity:** The shorts liquidated in CRO over the last 24 hours are nil, while the longs are worth $42.38, which shows a huge decline in the token’s liquidation activity.
* **Derivatives Trading Volume:** The value of the derivatives traded volume of the token has also witnessed a slight decline of 15% over the last 24 hours from the press time. This has resulted in a traded value of $1.62 Million.
* **Open Interest:** The value of the open interest witnessed a slight increase of 1.48%, which shows a slight increase in the open positions of the token’s future.
Potential Support and Resistance Levels
Cronos might take support at $0.050 and $0.0710, followed by resistances of $0.1650 and $0.200.
**Disclaimer:** This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
