Amidst the ongoing bull market, CRO, the native token of the Cronos blockchain, has captured significant attention. The token has exhibited remarkable growth, driven by increased interest and confidence from large investors, commonly referred to as “whales.” Following an impressive 150% surge, CRO seems to be stabilizing within a narrow range, showcasing a promising bullish price action pattern on its daily chart.
CRO Technical Analysis and Potential Breakout Levels
According to seasoned technical analysts, CRO is forming a bullish pennant pattern on the daily timeframe, hinting at an impending breakout. If the token manages to surpass and maintain a daily close above the crucial $0.20 level, historical data suggests that CRO has the potential to rally by an impressive 80%, potentially reaching the $0.35 mark in the near future.
Further reinforcing this optimistic outlook is the Relative Strength Index (RSI) for CRO, which currently stands at 60. This figure indicates that the altcoin has room for further upward movement, as it remains below the overbought threshold of 70.
Positive On-Chain Metrics Bolster CRO’s Outlook
Recent data from the on-chain analytics firm, Coinglass, shows a surge of interest from whales, institutional investors, and retail traders in the altcoin. This heightened interest is reflected in significant outflows from cryptocurrency exchanges, with $22.64 million worth of CRO tokens being moved off exchanges. Such outflows are typically interpreted as a bullish indicator, suggesting that investors are transferring these tokens to personal wallets, possibly in anticipation of a price increase.
Moreover, the involvement of derivative traders further emphasizes the growing confidence in CRO. Coinglass reports a substantial 13.15% increase in open interest over the past 24 hours, indicating that traders are opening new positions, fueled by the bullish sentiment surrounding the token.
Analyzing Current Price Momentum
As of the latest data, CRO is trading around $0.1842, experiencing an upward momentum of 4.10% over the last 24 hours. During this period, its trading volume has surged by 50%, highlighting increased activity and interest from both traders and investors compared to previous days.
This surge in trading volume, coupled with the technical and on-chain indicators, paints a promising picture for CRO’s future. As the token continues to consolidate and exhibit strong bullish signals, it remains a focal point for investors looking to capitalize on the ongoing bull run.
