Cronos (CRO) Faces Bearish Outlook, Down 55% From Recent High and 91% From All-Time High

Cronos has 88% of its total supply circulating in the market, resulting in a circulating supply of 26.5 Billion CRO.

Cronos (CRO) is the 34th largest cryptocurrency globally, with a market cap of $2.305B. The token’s market cap has advanced by 2.5% in the last 24 hours. Cronos has 88% of its total supply circulating in the market, resulting in a circulating supply of 26.5 Billion CRO. Also, the token’s total supply is 30.0 Billion CRO, resulting in a fully diluted market cap of $2.598 Billion.

The value of the traded volume for the token has declined by 7.9% in the last 24 hours, which has resulted in a traded value of $6.877 Million. The token’s liquidity is very low, as the volume/market cap ratio is 0.30%.

The token’s price has advanced by 650% from its all-time low price, which was formed six years ago. Despite this, the Cronos token’s price is down by 91% from its all-time high price of $0.08695, achieved on November 24, 2021.

The sentiment of the token has been bearish, followed by the fear and greed index at 25, which showed extreme greed among investors.

Cronos Token Derivatives Analysis

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.

The liquidation chart displayed higher long liquidations over the last few weeks. This indicated that bears dominate the price, which has led to a huge decline in the token’s price.

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.

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.

CRO Technical Analysis

The CRO has declined by 55% from the swing high of $0.1851, followed by consistent profit booking.

After witnessing profit booking from the higher levels, the token’s price declined to a strong demand zone. If the token forms a bullish candlestick pattern at current levels, we might see a rise.

CRO/USD Chart by TradingView

The 20-day and the 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 sustained below the same for a long time.

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.

The RSI has declined below the 14-day SMA, followed by a decline below the 50-level. RSI has been declining from the overbought zones and has headed towards the oversold zone.

CRO token witnessed a bearish outlook

CRO faces a bearish outlook, with its price down 55% from a recent high and 91% from its all-time high.

Despite a slight market cap increase, the token shows declining trading volume, a negative MACD trajectory, and an RSI heading toward the oversold zone, indicating potential further declines.

Cronos might take support at $0.050 and $0.0710, followed by the resistances of $0.1650 and $0.200.