Cronos Price Rose 11% Ahead of zkEVM Mainnet Launch, $1 Soon?

Cronos price recently surged with broader market sentiment. Meanwhile, the Cronos zkEVM public mainnet (alpha) launch date is August 15th.

This would mark a milestone in their growth calendar. Cronos (CRO) has tied up with some launch partners including @cronos_identity, @pythNetwork, @earnnetwork, @Zyfi, and a few others.

For the curious, the Cronos (CRO) happens to be a blockchain that interoperates with both the Cosmos and Ethereum ecosystems.

Spot Volume Inflow Accelerated & More Stats

For the recent rise, the stats are all green, with major witnessed price and market cap growth of 11%. The price reached $0.08802, and market cap amounted to $2.33 Billion.

In terms of the market capitalization formulated based on the past 24-hour price action, CRO has occupied the 30th seat among the top 50 crypto assets globally.

Likewise, the recent surge had a massive spot inflow surge of more than 157% to $18.9 Million. However, trading might be a concern on exchange closest to its price, as liquidity happens to be weak, where the 24-hour volume to market cap ratio was at 0.78%.

Its TVL had decreased before, but this year, in 2024, the TVL showed good activity and witnessed growth. Which, as of writing was at $422.55 Million. 

Therefore, it signified the increase in the demand for the CRO project and the increase in investors’ willingness to invest. 

Decoding, Cronos (CRO) Price Structure

After a drastic fall from $1 to $0.048 in the past, the price structure showed advancement in price by more than 260%, marking a YTD ATH of $0.1795 by March 10th, 2024.

However, the gains were not sustainable as the price deteriorated under bearish dominance Despite several attempts at a resurgence, a fall was imminent, and the fall led to its original demand zone.

At press time, the displayed surge amid the devolopment news coincides with the demand zone optimism. The price is struggling to pierce the 50-day EMA, but once pierced, it could go upwards after successful sustenance above the previous swing high at $0.095. 

The successful sustenance would prepare CRO for further surge beyond the 200-day EMA band.

The MACD showcased growth potential via a bullish cross, as the histogram stands at 0.000026. Also, the RSI flashed at 53.88 after jumping from 14-SMA and piercing the median line.

Therefore, the CRO’s resistance for a major rally lies between $0.105 and $0.121, followed by supports at $0.080 and 0.070, respectively.

At last, Cronos (CRO) surged 11% amid broader market optimism and zkEVM mainnet launch news, with significant spot volume inflow and potential for further gains above key resistance levels.