Cronos Price Looms: Is It a Buy-on Dip Scenario for Bulls?

• 1 At press time, the Cronos price was trading close to $0.144, recording a swift intraday gain of 1.10%. 
• 2 The bearish momentum faded near the 20-day exponential moving average of 20 days. 

After losing for the last four intraday sessions, the Cronos price noted a swift positive development. The bulls made a comeback near the 20-day EMA and prevented the price from falling further. 

The Cronos crypto was on a four-day losing streak after suffering rejection from a multi-month high value. However, the bearish momentum seems to fade as the price has taken support near the 20-day EMA. 

Furthermore, at the point of writing, it is not clear at the moment if the price might be taking a pause before resuming further on the lower side. 

If the buyers can establish themselves near the 20-day EMA and prevent further fall, it may validate the end of a short-term correction, and the CRO price may experience an upthrust. The long-term trend outlook is positive, which may invite buying volumes at the lows.  

Cronos Crypto Volume Analysis

The Volume analysis demonstrates that the Cronos crypto received a $43.6 Million volume inflow in the last 24 hours, 34.2% less than the volume received on the previous day. It suggests a volume drop in the recent sessions.

The live market capitalization of CRO cryptocurrency is 3.893 Billion USD, ranking 37th in the overall crypto market. The volume-to-market capitalization of CRO crypto is 1.12%, indicating low volatility in the market. It has a circulating supply of 26.57 Billion CRO tokens against a total supply of 30 Billion CRO tokens. 

Whales’ Supply Remained Constant Despite a Drop in Market Capitalization!

The above chart displays the amount of supply whales hold compared to the Cronos crypto price movement. The above data shows that the whales have continuously increased tier holdings in the CRO crypto over the last few months with some minor selloffs.  

The data shows that the whales held 47.6% of the total supply in January 2024, which increased to 57.03% in March 2024. The price also made its way from $0.08 in January 2024 to $0.16 in March 2024. The recent sessions faced a price drop, but no major change was observed in the whales’ holdings. 

Sentiments are Turning Positive: Can the CRO Price Rise Again?

The above data displays the change in positive, negative, and overall weighted sentiments regarding Cronos crypto. As per the data, the negative sentiments have dropped significantly in the recent sessions, indicating the bears might be giving up and unable to lower the price. 

The positive sentiments have also dropped, indicating less bull participation at the highs. However, the overall sentiment for CRO crypto is shifting from negative to positive, indicating that the overall bias of traders and investors is shifting towards positive. 

CRO Crypto Technical Analysis

From a technical point of view, the RSI line was placed at 57.38 points, and that of the SMA line was at 79.54 points. After the recent price drop, the RSI line has withdrawn from an overbought region. The RSI and SMA lines hovered above the mean line, indicating bullish dominance in the market. 

At the time of writing, the Cronos crypto seemed to halt near the dynamic support of 20 days. The overall trend outlook is bullish, and the EMAs may act as a dynamic support for the crypto. 

Cronos Crypto Price Short-term Outlook

   

The Cronos crypto dropped in the last few sessions and is currently resting on the 20-day EMA. Now, if the price bounces back from the dynamic support of the 20-day EMA, it may resume its way north and form a new swing high. Short-term traders and investors may set the recent swing high at $0.173 and $0.199 as the next target if the price increases. 

Conclusion

The Cronos price seems to be taking a pause on Saturday after the buyers made a comeback to break a 4-day losing streak. The 20-day EMA acted as dynamic support and prevented further falls.

If the bulls establish their dominance near the 20-day EMA and invalidate any further downfall, the price may again surge towards the north to register a new swing high. 

However, if the buyers fail to make a comeback and the crypto price breaks below the 20-day EMA, the correction may continue, and the price slump to test the higher EMAs of 50 and 200 days. 

Technical levels:

• Support levels: $0.139 and $0.107
• Resistance levels: $0.171 and $0.199. 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.