(CRO) – Expected to keep attracting selling interest in the near-future (CRO) – Expected to keep attracting selling interest in the near-future

Posted on Monday, October 10 2022 at 8:35 pm GMT+0000 (CRO) has been free-falling since early August and erased almost all of the summer rally. Lately the bulls staged a minor comeback, but their efforts to claim control of the reins fizzled out near the 55-day exponential moving average, and the price is slipping back towards the last bottom posted on the 21st of September.

The oscillators are currently reflecting strong bearish signals, suggesting further pain in the coming sessions. The Stochastic fell without a parachute and entered the oversold region while the RSI is fading below its moving average way underneath the 50-neutral threshold.

The bears are looking to retest a familiar support zone around the 0.100 bottom, which motivated the late June rebound. Should this strong base fail to mute the negative forces this time, the price will dip straight to the Fibonacci golden number at 0.084. Below that, the 227.2% Fibonacci extension level at 0.068 will be next on the menu.

Alternatively, if buyers regroup and push the price over the 20- and 55-day exponential moving averages, they might initially get congested around the 24th of September high at 0.125. By successfully overrunning that key barricade, they will be encouraged to advance towards the 20th of July top at 0.141. Further hikes in price will bolster upside momentum towards the 3rd of August peak at 0.160.

To summarize, is likely to keep attracting selling interest in the coming sessions, especially if it dips below 0.100. Only a fast rally beyond the 20 and 55-day exponential moving averages and more importantly above 0.125 could inject some optimism for a relief rally.