Watch the 4‑hour Chart’s Symmetrical Triangle

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The CRO/USDT pair is trad­ing vir­tu­al­ly unchanged, which may be con­sid­ered a good thing in a bear­ish envi­ron­ment. How­ev­er, the envi­ron­ment does not favour Cro price predictions…at least not yet. This is despite the news that the exchange was launch­ing a start­up accel­er­a­tor pro­gram to be known as the Cronos Accel­er­a­tor Program.

The ini­tia­tive will allow pre-seed com­pa­nies to access men­tor­ship, cap­i­tal and the right net­work of investors and busi­ness asso­ciates to get their projects mov­ing. The pro­gram will cov­er projects that deliv­er solu­tions in web3 gam­ing, the meta­verse and advanced decen­tral­ized finance.

Ordi­nar­i­ly, such news could have trig­gered a bull­ish response on the CRO/USDT pair. But in the cur­rent envi­ron­ment where adverse con­di­tions pre­vail, noth­ing of the sort has hap­pened. Price action will only respond to a change in mar­ket sen­ti­ment. Until then, the Cro price pre­dic­tions will be deter­mined by the tech­ni­cal pic­ture on the charts. Here is how the 4‑hour Chart will dic­tate the Cro price pre­dic­tion out­look in the near term.

Cro Price Prediction

The 4‑hour Chart reveals sev­er­al lev­els of sup­port and resis­tance that will deter­mine price action in the near term. The sym­met­ri­cal tri­an­gle remains in evo­lu­tion, with the price action bounc­ing from the 0.1755 minor sup­port (4 June low). This bounce must gath­er momen­tum to test the 0.1845 resis­tance (3 June high), which inter­sects the triangle’s upper edge.

A break of this resis­tance also breaks the tri­an­gle to the upside, tar­get­ing a mea­sured move at 0.2033 (17 May high). To attain com­ple­tion, this break­out move must uncap the resis­tance bar­ri­er at 0.1928 (1 June high).

On the oth­er hand, a decline below 0.1755 inval­i­dates the pre­vi­ous out­look. This decline allows the bears to test the triangle’s low­er bound­ary, where a break­down leads to a fur­ther drop that tar­gets 0.1653 (27 May low). The 7 June low at 0.1706 forms an inter­ven­ing pit­stop to this decline, but the mea­sured move will come in at 0.1474 if the bears over­come these sup­port obstacles.

CRO/USDT: 4‑hour Chart



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