Coin Price Forecast: CRO Comeback Faces Strong Headwinds

The Coin price is down for the fourth consecutive day as demand for the currency wanes. CRO has declined by more than 6.7% in the past 24 hours but it is still 30% above the lowest level last week. Its total market cap is at $4.6 billion while its rank has risen to 36. At its peak, Cro was a top 20 digital currency.

What is CRO? For starters, is a major blockchain ecosystem that is involved in most activities. It has the most advanced Visa card, an exchange portal, NFT trading platform, and wallet, among others. It is similar to other companies like Binance and Coinbase. Coin, on the other hand, is the native currency that powers the chain, which is a public blockchain network like Binance. Developers can build DeFi, NFTs, and other applications through the network. It promises a secure, low-cost, and permissionless ecosystem. CRO is, therefore, the native currency for this network, just like Ether is to Ethereum. Coin price prediction

On the daily chart, we see that the CRO price has been in a consolidation phase. Indeed, the Average True Range (ATR), which is a measure of volatility has dropped to the lowest level since February 22. The currency has also moved slightly below the 25-day and 15-day exponential moving averages (EMA).

It is also between the important support and resistance at $0.1646 and $0.2480, respectively. Therefore, at this point, the outlook for the pair is neutral, with a bearish bias. Still, we can’t rule out another pullback to the resistance at $0.2480.

Please don’t consider this investment advice. Views expressed here are those of the writer and the writer and InvestingCube will not be held liable for any losses.

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