CRO consolidates under $0.15. Could we see a breakout?
CRO has dipped 5% in the past day
Other tokens native to crypto exchanges are looking bearish
CRO is contained below $0.15 and above $1
Cronos CRO/USD has plunged 5.03% in the past day. The decline is reflected across tokens native to crypto exchanges. BNB is down 1.75%, while FTT has dropped 1.37% in the same period. The bear market is attributed to a slowdown in trading volumes.
The total crypto trading volumes in the past day is at $66.46 billion. It reflects a 4.14% decline compared to that of the previous day. The decline has affected the demand for exchange-native tokens, with Crypto.com’s CRO leading in losses.
Crypto.com is a Singapore-based cryptocurrency exchange founded in 2016. The exchange features a mobile trading app, digital payments, crypto credit cards, and lending services. It is touted as the fastest growing cryptocurrency exchange with upwards of 50 million users.
Recently, Crypto.com won a license to operate in the United Kingdom. The step is part of a wider global expansion that has seen the exchange enter Canada, Italy, and the UAE. The announcement is yet to reflect on the CRO price. The technical outlook shows consolidation and a weak momentum.
CRO consolidates in a horizontal channel
According to the daily chart, CRO has consolidated in a horizontal channel. The price is contained between a range of $0.15 and $0.1. The pattern has been maintained since June 11. Within the channel, CRO has retested the nearest support at $0.14.
The trend following indicator, MACD, shows weakening momentum. The histograms are short, and MACD and Signal line overlap near the neutral point. The RSI is at the medium value of 50.
As CRO remains in consolidation, a bullish or bearish breakout could be imminent. A bullish breakout will only happen if enough buyers will enter the trade. However, if the token loses the current support, it could trade lower.
Cryptocurrencies native to exchanges are looking bearish amid a decline in trading volumes. CRO is trading in a consolidation with a weakening momentum. Investors should wait for a breakout before making a buy or sell decision.