Cronos (CRO/USDT) analysis: potential sell setup with critical resistance ahead

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Written on Dec 27, 2023

Reading time 2 minutes

Cronos is likely to drop to the 0.09 support level
The trading signal provided should last 1 week with a potential upside of 8.1%
No high-impact news this week, the price will remain calm

CRO/USDT trading strategy

Buy/sell asset: Sell CRO/USDT
Entry price: $0.1008
Stop loss: $0.1034
Leverage: 1x
Take profit 1: $0.0982
Take profit 2: $0.0958
Take profit 3: $0.0926
Timeframe: 1 week
Maximum profit: 8.1%
Maximum loss: 2.5%

CRO/USDT chart and technical analysis

Cronos is dropping and is in a downtrend after it reached the 0.113 resistance level on December 9th. The price is making lower lows and will possibly continue the bearish trend after retracing to the 0.10 resistance level.

I am expecting the price of Cronos will drop after retracing to the 0.10 resistance level. The market structure is also bearish and the price will likely drop to the 0.092 support level. There is also a bearish order block around the 0.10 resistance level which is also a confirmation of potential drop from that level.

Cronos fundamental analysis

Fundamentally, the price of CRO/USDT is likely to remain stable as there is no high-impact news in the last days of the year.

Cronos to Tether trade idea takeaways

Cronos is likely to drop to the 0.092 support level.
The price will possibly retrace to the 0.100 resistance level before the drop.
Multiple take-profit levels have been added to secure profit along the way.
The risk-to-reward ratio on this trade is 1:3.1.
The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
Good luck!