Price Analysis: Criptocom Chain – July, 11

Price Analysis: Criptocom Chain – July, 11


Today we’re going to discuss a top performer of the last day: Chain. Its price behavior acted like a hedge against Bitcoin’s aggressive drop, while most of the altcoins haven’t done the same, choosing to follow the leader. Before getting into the commentary, we’d like to clarify that the black horizontal lines have been placed according to the daily timeframe, while the red ones conform to 4h. Also, a properly zoomed-out chart lets us observe all the action that the price has developed since its listing.

▫️ 772 sats: we can clearly see that it acted as support for a whole month before dipping under on the 15th of June. Price hasn’t made a retest of the same level until 10 days have passed, and when it came the buyers got aggressively rejected (at the red arrow). The consolidation above 535 sats held, marking its second reliable line of support. CRO spent another week going sideways in this range, giving another retest of the same 772 level. Got rejected again but after a brief consolidation, the 3rd try worked like a charm.

▫️ 1010 sats: as we said in the intro, this is a level of daily significance. The way price approaches this level is extremely important: if it’s pumping sustained by volume, then we may see a bullish breakout that leads to the upper red level (at 1450 sats). If it breaks above it but then goes back below, that means CRO could have another false break. It’s not out of the books for the price to have a consolidation between the two black lines (772 & 1010).

However, there’s one red level that we’ve placed on the chart but haven’t talked about it: 645 sats. It’s crucial for bulls to maintain the price above it.

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