Cronos (CRO) crypto is heating up the crypto scene. Riding the bullish wave, its price has rushed over 10% this week. The CRO price has increased its gains from the positive sentiment across the market. The token is now vibrating for a big rally by breaking past key resistance levels.
After a five-day bullish streak, CRO crypto has crossed the 20-day and 50-day EMA levels. It is now poised to outperform in the coming sessions.
Cronos urged investor interest this week, building momentum and catching the critical hurdle of $0.0800. This pullback to the double-bottom formation often precedes a potential breakout. Now, with a daily close above $0.0900, would the bulls propel the CRO price toward the $0.1000 mark?
CRO Price Prediction: Is CRO Poised for a Rally?
The daily chart of Cronos crypto showed signs of a trend reversal, as the altcoin has gained traction this week. The follow-on buying action, with a substantial increase in trading volume of over 22%, indicates investor speculation.
Cronos price action appears positive over the past two weeks as it persisted to paint greens. Notably, it formed a double bottom around its pivot support zone of $0.07300 and initiated a reversal.
The CRO price was trading at $0.08613 at press time. It was accompanied by an intraday rise of over 1.81% over the past 24 hours. Its market cap rose to $1.32 Billion and is positioned as the 38th largest crypto.
Crypto Analyst @JavonTM, in his tweet, said that CRO price had sustained gains above multiple resistance levels. The price might revisit $0.08868 in the coming sessions.
Going forward, most technical indicators were replicating bullish guidance. The Relative Strength Index (RSI) curve flying toward the overbought zone at 59 conveys the bullish cues.
Moreover, the Chaikin Money Flow (CMF) indicator has a reading of 0.59, reflecting the rising inflows in the market. Similarly, the MACD indicator plotted a bullish crossover and depicted green bars on the histogram.
The rising mean coin age was a sign of network-wide accumulation. This bolstered the chances of a move past $0.0900 shortly.
Moreover, Cronos crypto has seen a significant increase in daily active addresses. It suggested increased network activity. Typically, a surge in addresses relates to growing investor confidence, hence the price surge.
Futures Data Shows Positive Sentiment
The OI-weighted funding rate showed a positive reading at 0.0126%. This means that longs were increasingly dominant, a sign of bullish sentiment.
Funding Rates Data | Source: Coinglass
The futures of open interest rose alongside the CRO price. This indicated that the speculators were willing to bet on sustained price gains. Over the last 24 hours, the OI has increased by 15.33% to $5.56 Million, implying long buildup activity.
The immediate support levels were $0.08500 and $0.08300. At the same time, the resistance levels were around $0.08800 and $0.09000.
