The native token of the Cronos blockchain, CRO, is capturing significant attention during the ongoing bull market, as major investors, often referred to as “whales,” display notable interest and confidence in this digital asset. Having experienced an impressive surge of 150%, CRO is now in a phase of consolidation, maintaining a steady position within a narrow range. This phase has led to the development of a bullish price action pattern, observable on the daily chart.
CRO Technical Analysis and Upcoming Levels
According to seasoned technical analysts, CRO is currently exhibiting a bullish pennant price action pattern on the daily timeframe, signaling a potential breakout. Analyzing recent price actions and historical trends, if CRO manages to break through and sustain a daily close above the $0.20 threshold, it is highly plausible that the token could experience a significant surge, potentially climbing by 80% to reach the $0.35 mark in the forthcoming days.
Adding to the optimism, the Relative Strength Index (RSI) for CRO is currently positioned at 60. This is below the overbought mark of 70, indicating that the altcoin still possesses room for further upward movement in the near term.
Bullish On-Chain Metrics
Insights from the on-chain analytics firm Coinglass reveal a robust interest in CRO from whales, institutions, and individual retail investors. This is evidenced by notable outflows from cryptocurrency exchanges. The latest inflow/outflow data for CRO indicates an exchange outflow of $22.64 million in CRO tokens.
This significant outflow suggests that large-scale investors and institutions are moving their CRO holdings from exchanges to private wallets, a move typically seen as a positive signal for the market. Such behavior often points to a potential buying opportunity and hints at a prospective upward rally in the near future.
Additionally, derivative traders are also expressing strong interest in CRO. Coinglass reports that open interest for CRO derivatives has soared by 13.15% in the past 24 hours, indicating an influx of new positions. This rise in open interest underscores the growing confidence among traders regarding CRO’s bullish trajectory.
Current Price Momentum
As of the latest market data, CRO is trading at approximately $0.1842, having experienced a 4.10% increase in value over the past 24 hours. During this period, its trading volume has surged by 50%, reflecting an increase in engagement from traders and investors compared to previous days. This heightened activity suggests a strong and growing interest in CRO as it continues to chart its course in the current market environment.
