Today Crown has found the low at $0.2, which is very close to the all-time low, not to mention it is very close to $0 value. There is not much more room to go lower and investors might start seeking a long term buying opportunity near the current price.
At yesterday's low, CRW has rejected the 161.8% Fibonacci retracement level applied to the corrective wave up after the uptrend trendline breakout. So far, this support has been rejected cleanly and if price stays above, trend reversal could be the case.
Nevertheless, the Crown stays a risky investment along with most altcoins at the moment and Bitcoin continues to move down. If current support is broken, short term trend reversal potential shall be invalidated. But if price starts to move up and breaks above the $0.57 resistance, it could be the first sign of a strong rally, or at least a corrective move upwards.
Whether it is the bottom of the downtrend or not, yet to be see, but investors will probably start seeking the buying opportunity from this point onward.
At yesterday's low, CRW has rejected the 161.8% Fibonacci retracement level applied to the corrective wave up after the uptrend trendline breakout. So far, this support has been rejected cleanly and if price stays above, trend reversal could be the case.
Nevertheless, the Crown stays a risky investment along with most altcoins at the moment and Bitcoin continues to move down. If current support is broken, short term trend reversal potential shall be invalidated. But if price starts to move up and breaks above the $0.57 resistance, it could be the first sign of a strong rally, or at least a corrective move upwards.
Whether it is the bottom of the downtrend or not, yet to be see, but investors will probably start seeking the buying opportunity from this point onward.