Cronos (CROUSD): Ready for correction?Cronos #CROUSD: CRYPTO:CROUSD
Cronos a cryptocurrency that has shown exceptional performance since October 2023, marking the end of a correction at $0.0488. We've developed a Wave (1) and have completed a Wave (2), which ended as a zigzag correction. This correction reached the 61.8 to 78.6 level beautifully, a common occurrence in cryptocurrencies, often hitting exactly 78.6%. For the downward Wave C, the zigzag correction precisely hit the targeted 127 to 138% levels. This trade looks very promising. We're currently anticipating Wave (3), which should reach at least a 161.8% to 361.8% extension. Our expectations lean towards the range of 161 to 261.8%, but only time will tell.
The next entry point is critical, and we're looking at the subordinate Wave 4 for this. We expect this wave to retrace between 38.2 to 50%. We don't foresee a drop deeper than the 50% level for Wave 4. The 38.2% level aligns exactly with the peak of the overarching Wave (1), while the 50% mark is approximately at the subordinate wave B level. Our stop-loss is placed just below the 50% level, also on a high between waves B and C, providing solid support that should contribute to a push upwards. We're expecting a rise to at least 161.8%.
