Cronos [CRO] Gave Conflicting Price Action Signals Across Different Timeframes

Cronos [CRO] gave conflicting price action signals across different timeframes. The lack of strong buying pressure meant that the bulls did not have the upper hand yet.

Cronos [CRO] displayed mixed signals in its price action across various timeframes, with the lack of strong buying pressure indicating that the bulls had yet to gain a decisive advantage. The token had now retraced all the gains it made during the November rally, with the bears currently holding a dominant force.

They were focused on keeping price action below the psychological $0.1 mark, a level that traders would be watching closely.

The trading volume had increased over the two weeks to accompany a price bounce from $0.07. Could this be a sign of bulls bidding at the lows?

Cronos bulls have a tough task ahead

Credit: CRO/USDT on TradingView

The market structure on the daily chart was bearish. The recent lower high was at $0.0989. The $0.0975-$0.1 resistance zone had been tested multiple times over the past month but remained a resistance level.

The Relative Strength Index (RSI) was on the verge of climbing above neutral 50 to denote a shift in momentum. However, the On-Balance Volume (OBV) was still in a downtrend. A surge in the OBV alongside a price move beyond $0.1 would be a sight to behold for the bulls.

It was possible that the current bounce was just a move to grab the liquidity around $0.1 before the downtrend continued. Traders needed to be prepared for this possibility.

Credit: CRO/USDT on TradingView

The four-hour chart displayed a bullish market structure shift (white) followed by a higher low. Cronos bulls had begun to shift the trend around on the lower timeframes. The OBV had picked up from late February.

A continued uptrend on the OBV and the price would be a welcome sight.

Yet, with the daily structure remaining bearish, traders might want to wait for the price’s reaction from the $0.0975-$0.105 supply zone before entering swing positions.

Credit: Coinglass

The Open Interest data from Coinglass highlighted a lack of speculative activity over the past month. This was likely due to the price trend forcing speculators to remain sidelined.

The small price gains in recent days saw an uptick in the Open Interest, but not by a significant amount. Once again, traders must exercise caution, but there was room for bullish hope.