Cronos price action gears up for bullish breakout on back of US job numbers this Friday
|- Cronos sees price action underpinned by bulls alongside important moving averages.
- CRO faces downward pressure from bears on topside.
- A bullish breakout would crack that topside cap and offer a pop higher to $0.075.
Cronos (CRO) price is gearing up for a bullish breakout. Although pressure is building on the bottom line at $0.070, bulls keep underpinning the price action. For a third day in a row, bulls are defending the level and keep pushing price action back up as bearish pressure mounts. With the US job numbers expected later this Friday, a catalyst is nearby that could pour oil on the fire, leading toa breakout toward the next big cap nearby for a 10% gain.
Cronos price action sees bulls preparing for a lift
Cronos's price has bulls getting ready for a jump higher with the US job numbers this Friday as a catalyst that would set fire to the fuse. For nearly the whole week, bulls have been preparing for the event by supporting the 55-day Simple Moving Average (SMA) around $0.070. By doing so, some stacking positions have been built. Once the cap on the topside is broken, the road looks wide open for a stretch up to $0.075.
CRO bulls need to factor in that they still need to face the red descending trendline that has been smashing any upside attempts into the ground this week. From the looks of it, some outside help will be needed to get an additional catalyst in the mix. The US job numbers later this Friday are ideal and could be the trigger that snaps the red descending trendline near $0.072. This would force CRO to shoot up to $0.075.
CRO/USD 4H-chart
Technical analysts will understand that the combination of the 55-day SMA with the red descending trendline has the looks of a bearish triangle. In case the red descending trend line holds and pressure keeps mounting, the 55-day SMA at $0.070 will crack under that pressure. If this takes place, expect to see a quick nosedive move that could bear near 10% losses at $0.065.
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