Cronos (CRO/USDT) Nears Overbought Zone as Price Tests Upper Bollinger Band

Cronos (CRO/USDT) has shown an upward move followed by a small pullback that has placed it at $0.16061 with a price dip of 7.66%.

Cronos (CRO) price experienced an upward movement, followed by a slight pullback, positioning it at $0.16061 with a price decrease of 7.66%.

Institutions are showing caution as Bitcoin’s dominance influences altcoins, raising concerns about CRO’s short-term outlook.

Cronos (CRO) price recently pushed above the upper Bollinger Band. An upward breakout from the upper band typically serves as a strong buy signal.

However, in this case, the breakout above the CRO resistance level at the upper Bollinger Band was brief, encountering minor pullbacks as traders quickly took profits.

The price بدأ بالفعل إعطاء انعكاس هبوطي ولكن هذا أمر طبيعي بعد اختبار مستوى المقاومة.

Yet, if the downward trend persists, the middle Bollinger Band at $0.10224 could provide crucial support for CRO.

The Relative Strength Index (RSI) is at 66.69, indicating the market's approach to the overbought mark of 70.

Conversely, if the RSI drops below 60, it may suggest a shift from a bullish to bearish market.

Analyst PStrade2 Anticipates CRO Price to Dip to $0.12 Support before Recovering

According to PStrade2, CRO price may encounter pressure from the bears, pushing the price down. He identifies a support zone at $0.12, which aligns with a 30% retracement from its current price.

Highlighting this support level, PStrade2 suggests that the price of $0.12 could still present a favorable entry point to CRO. This level may signify the beginning of a consolidation phase before the bulls re-emerge.

Market Sentiment and Weakness in Altcoins

The overall market sentiment also impacts Cronos, as Bitcoin’s dominance continues to rise. As Bitcoin price surges and reaches new highs, funds tend to move out of altcoins, leaving tokens like CRO susceptible to price drops.

This increasing Bitcoin dominance, together with CRO’s recent overextension, heightens the likelihood of a deeper correction.

Additionally, PStrade2 noted that all altcoins are generally prone to this market weakness. He advises that while $0.12 may be a good entry, it's prudent to observe the market closely before entering.