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- 1 CRO coin witnessed massive buying momentum and exhibited a rally.
- 2 The Bulls looked aggressive and succeeded in registering a breakout.
The Cronos coin (CRO) exhibited a sharp bull rally, soaring over 70% this week. The coin has surpassed multiple hurdles and crossed above the $0.1200 barrier sharply, a similar performance is expected throughout the month. The bulls have gained momentum and a significant trend reversal was witnessed. The price action displayed a massive bullish engulfing candlestick, and a double-bottom breakout was noted on the charts.
The CRO coin price has escaped the significant moving averages and signifies the institutional buying cues. As per the data from Coinglass, the open interest witnessed a sharp spike and rose over 59% this week to $10.90 Million indicating massive long buildup activity. The bear cartel came into trouble and covered their positions, which led to the follow-on buying momentum on the charts. Per the Fib retracement levels, the coin has escaped the 50% zone and is close to the 61.8% zone.
The Cronos coin (CRO) price was $0.1405 at press time, with an intraday gain of 6.45%, showing bullishness on the charts. Moreover, the trading volume has increased by 84.67% to $115.07 Million. The Cronos price has a monthly return ratio of 72.78% and 96.78% on a yearly basis. The pair of CRO/BTC is at 0.00000224 BTC, and the market cap is $2.13 Billion. Analysts are bullish and suggest that the CRO coin might continue to extend the rally and will reach $0.2000 soon.
Cronos Punched Above $0.1000, Are Sellers Trapped?
The Cronos coin (CRO) flashed a double bottom breakout and sharply exceeded the $0.1000 mark, reflecting a surge of over 60% in the last 48 hrs. Since the start of 2024, CRO coin price has been healing and glimpsed a reversal, which led to a major spike and retained the bullishness.
The Momentum Indicator (RSI) curve reflects a sharp spike and soars to 80, signifying massive buying momentum on the charts. Similarly, the MACD indicator shows a bullish crossover and glimpsed signs of institutional buying activity. Amid bullish market sentiments, the coin reflected investors’ interest and continued to rise.
Cronos Exhibits Breakout, Can CRO Reach $0.2000 This Month?
The Cronos coin (CRO) reflected a major turnaround, and the bulls breached the $0.1000 hurdle. Moreover, the intense breakout led the mighty bears into trouble and the price action signifying the bulls dominance.
Summary
The Cronos coin (CRO) price gave a sharp spike and rolled above the round mark of $0.1000, sharply exhibiting a rally this week. The coin has gained intense buying momentum and will continue the rally for the following sessions.
Technical Levels
Support Levels: $0.1300 and $0.1000
Resistance Levels:$0.1600 and $0.1800
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
