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Buy the Rally in CRO? – Crypto Breakdown November 24, 2021

The post Buy The Rally In CRO? – Crypto Breakdown November 24, 2021 by appeared first on Benzinga. Visit Benzinga to get more great content like this.

Episode Summary

Today On Crypto Breakdown Joe Dewitt looks at CRO coin as well as Solana, Ethereum and Bitcoin price actions.

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Disclaimer: All of the information, material, and/or content contained in this program is for informational purposes only. Investing in stocks, options, and futures is risky and not suitable for all investors. Please consult your own independent financial adviser before making any investment decisions.

Unedited Transcript:

Hey everybody. Happy Wednesday. My name is Joe Dewitt, and this is the crypto breakdown. Taking a look over at Bitcoin price down 1% on the day, Bitcoin, continuing to consolidate and the downward direction.

The zone we’ve been talking about that crucial 58 to 44,000. We’re going to be bouncing in there for a bit of time. The best case for Bitcoin here would be to see a bounce off of this 200 day moving average in about a week. If it can average out and get some upwards momentum at bounce off of there as support, that would be a great, great sign for Bitcoin.

 On the bear scenario, we fall down to that 45, 40 6,000 and it get a bounce off there and the upwards direction. Taking a look over at a theory from Ethereum was getting some upwards momentum here. 3% on the day and we are moving away from that 50 day. Moving average off of bouncing from there yesterday, price action.

Use it as support as we are moving towards 4,400. Now Ethereum here today and tomorrow could be a huge day because it is currently testing its resistance. So if it can hop up above this 4,400 it’ll be battling for all time highs, which would be an ideal zone for. At the moment. I’ve no reason to believe it’s going to fall below 4,000, just because it was above that 50 day and above to crucial loads of support here.

So it would have to fall two zones to enter that a 4,004,000 area. So Ethereum is looking good, a little bit of green volume coming in and some buying pressure, which is great for theories and FTS on the Ethereum network have been growing in popularity and the activity on Ethereum has been, ever increase.

With the soon implementation of Eve 2.0, that has been teased for quarter one, quarter 2, 20 22 should really help drive up this Ethereum price. But for now we’ll probably see just a little bit of consolidation and the sideways direction. Maybe a little bit of gains. If we haven’t been in the zone of 4,400 we’ll be battling for all time highs in this.

Now taking a look over at Solano, Solano is looking great. It’s been gaining popularity as people are looking for alternative layer ones. As a theory, some gas fees have been growing. Solano is testing its support of $216 here. Price currently fell right below. We’re sitting at 213, ideally here for Solana.

 It can get a little bit of pressure and start pushing towards that 220. I’m breaking over that 220 would put us in a great area battling for that all-time high of 2 59, about two 60, which I totally thinks a lot of has the buying pressure to do the ecosystem on salon has been growing massively. The NFT community is not as big as a theorem.

All of the new projects happen getting. And speaking of Solano projects next week, I will be having a guest feature of a CEO in dev on a salon NFT project. So tune in for that. That’ll be awesome. Awesome interview. And today, guys, I’m going to talk about is coin a good investment to buy right now?

 The ticker is CRO. Now, purely looking at the day chart. This is definitely a squeeze here. There’s a incredible amount of volume coming in and the RSI, which is the relative strength index indicating if a crypto is overbought or oversold is absolutely through the roof, which means this is definitely a short squeeze here.

That is not necessarily a bad thing. The only thing I would say short term is that price could definitely correct here. They’re losing a little bit of momentum on the price sitting in about 93. Personally, I think $1 will be a very big psychological number considering it’s started. It’s rallied about 20 cents.

So I think $1 will present a lot of resistance there and we might get a little bit of consolidation, 15, 20%, although longterm. Within the next year or couple of months, I think coin will definitely be beneficial investment considering everything that they’re doing. And the fact that they just bought out the name for the stable center, which is now the arena.

There is definitely going to be eyes on CRO in the near future. That’s all the time we have today. Guys. Thank you so much for tuning in. You can fall and subscribe to our podcast and follow me on Twitter, which will all be the description. Happy Wednesday guys, and have a, have a wonderful holiday

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The post Buy The Rally In CRO? – Crypto Breakdown November 24, 2021 by appeared first on Benzinga. Visit Benzinga to get more great content like this.


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