 price has recorded a whopping 130% surge in a week. Whales remained present, and further surges could be seen.){kind=link}
- Cronos price surged over 130% this week, registering a descending channel pattern breakout.
- On-chain data indicated that whales are buying Cronos.
Cronos (CRO) was in the limelight and has gained immense bullish momentum in the past few sessions. The Cronos price has breached a trendline of the falling channel and generated a sharp upward thrust, reaching $0.2000.
The bulls remained present throughout the week, and follow-on buying activity was witnessed. Furthermore, a massive 130% price surge was recorded, with a 90% trading volume surge this week.
If Cronos crypto continues to hold bullish momentum, a rally toward $0.2500 could be anticipated in the coming sessions.
Cronos Price Jumps 30% Amid Whale Buying
The CRO price recently broke out of a prolonged descending channel. It has triggered a massive bullish reversal. Cronos found a solid liquidity boost around the demand zone of $0.0700, and a sharp bounceback was noted.
It gained tremendous momentum and traded in a strong uptrend. The token has climbed beyond the significant moving averages, and the rising EMA lines have pointed toward increased bullishness.
Data from Santiment revealed that whale transactions have surged from 19 to 126 over the last 24 hours. This significant whale activity propelled the Cronos price surge by over 30%.
At press time, the Cronos crypto traded at $0.1902, noting an intraday rise of over 32%. Its market cap rose to $5.01 Billion, and the fully diluted market cap was noted at $5.66 Billion.
Cronos Price Prediction: Decoding the Chart Structure
Cronos’ price prediction has guided a bullish stance. It has reached the 52-week highest region and challenged the bear cartel. After the strategic partnership with Google Cloud, the Cronos price continued to trade with a bullish sentiment. It has outperformed the crypto market.
The chart structure unveiled the bulls’ dominance. A strong bullish marubozu candlestick was formed on the daily timeframe. With the current price action and bullish market sentiment, it appears that Cronos could continue to ride the bull rally. Moreover, it may reach $0.2600 shortly.
AltCryptoGems is a known crypto analysis handle on the X platform. In a recent tweet, AltCryptoGems stated that solid AI technology developments have backed the recent price rally.
However, the token has gained a massive surge and looks overbought on the chart. The Relative Strength Index (RSI) line indicated overbought levels and suggested a caution for investors. A significant profit booking may be seen in the coming sessions.
Despite the overbought conditions, the bears remained weak. Additionally, the token’s price may stretch further. With the rising liquidity in the market, investors looked confident in buying Cronos crypto. The Chaikin Money Flow (CMF) reading was at 0.16, representing positive inflows.
Also, the On-Balance-Volume (OBV) revealed a sharp vertical spike. This conveyed a heightened buyer accumulation. The Futures Market data represented a massive prolonged buildup activity over the past 24 hours. The Open Interest (OI) has surged over 82% to $23.12 Million.
The immediate support zones for Cronos were $0.1750 and $0.1600. On the other hand, the resistance levels were $0.1950 and $0.2100.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
