- The Cronos price has triggered a breakout from a major trendline.
- The trading volume has jumped by 600% in the past 24 hours.
Based on the chart structure, the CRO price has been falling by facing resistance from a descending trendline. However, the price has triggered a breakout from the trendline and has surpassed the 20-day EMA.
In the past 2 days, the Cronos price has displayed an upmove of 36% and extended to the 200-day EMA. However, it has shown price rejection from the 200-day EMA and has lost around 10.52%.
Since March, the Cronos price has been falling in the lower lows and lower highs way. Recently, sellers have failed to dominate buyers in the lower high territory, and the price went upside from this zone.
CRO Crypto Chart Looks Quite Good
According to a source on X, the CRO price chart has generated a bullish sign and looks quite good. The price has managed to trigger a breakout from the trendline and retested.
This $CRO break-retest is quite #SEXY pic.twitter.com/MZGecmqG3V
— 👁🤞👁 (@kvitebjorn) August 9, 2024
After the retest, it gained more than 20%, which almost cleared its path for bullish momentum.
Is a Big Pump Coming in the CRO Crypto?
Based on a source on X, the CRO price has triggered a breakout from the triangle. In a weekly time frame, the price has formed a base in the $0.0900 hurdle and has gained bullish momentum.
Huge breakout for $CRO out of the triangle formation!
— CryptoJack (@cryptojack) August 10, 2024
I expect a big pump on #cronos from here till eventually retesting the $0.17 resistance, pic.twitter.com/xz5SUmpws8
It is expected to reach the resistance level of $0.170 after the successful breakout.
Cronos Price Overview
Cronos traded at $0.093 at press time, which has remained neutral for the past 24 hours. The market capitalization was $2.47 Billion.
Furthermore, the 24-hour trading volume was $98.25 Million, an incredible increase at the time of writing.
Could CRO Price Secure 100% Gain After This Breakout?
After a big correction phase of 4 months, the CRO price has triggered a breakout. During the breakout, the trading volume surged by 600%, which is a bonus for buyers. It may help in boosting a bullish momentum and eye for the $0.1500 hurdle as its target.
Buyers might show their involvement if the token price manages to sustain over the trendline. Assuming the price starts trading over the 200-day EMA, strong buying pressure can be anticipated and may gain 100%.
Alternatively, if the CRO price faces resistance from the 200-day EMA, it could turn into a fake breakout. A fake breakout may lead to trapping the buyers at the breakout, and the price may witness strong selling pressure.
According to the technical indicators, the Cronos price has surpassed the 20-day EMA and is heading toward the 200-day EMA. MACD has generated a golden crossover with the signal line, and the histograms have been flipped to green.
Cronos Price Analysis
After a bearish momentum, the CRO token triggered a breakout and was ready to shoot up soon. The price has exceeded the 20-day EMA and reached the 200-day EMA, but it is facing difficulty overcoming it.
During the breakout, the trading volume increased by 600%, which might boost the price further.
Technical Levels
The bullish trend in CRO price may halt near the $0.095 and $0.120 levels. The price may take support at $0.0800 and $0.0500 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
