- Cronos (CRO) jumped 17% in 24 hours, trading at $0.09388 after hitting a 3-week high.
- Technicals show a bullish structure, but resistance at $0.0984 needs clearing.
- CoinCodex sees up to 85.89% ROI if CRO reaches $0.170 by year-end.
Cronos (CRO), the native token of Crypto.com, staged a powerful price rally, surging 17% within the past 24 hours. The token touched a three-week high of $0.0996 before cooling off to $0.09388.
Weekly gains are 16%, and volume jumped more than 2,179% to $265.58 million. Open Interest for CRO also increased 37.10% to $41.36 million, showing heightened interest in the market.
But the token comes under pressure at a key resistance area. The 200-day EMA at $0.0984 has kept further rises on hold for now. Price did surge above the 50-day and 100-day EMAs, currently at $0.0892 and $0.0925, but later retraced.
Despite the retracement, CRO holds above the 20-day EMA of $0.0861, which forms a group of support that can act as a price cushion.
The Relative Strength Index (RSI) registers 61.02. This keeps it away from overbought values but reflects bullish support. Current RSI levels also affirm that there’s still potential for the price to rise before profit-taking can begin.
Also Read: Cronos (CRO) at a Make-or-Break Level: Watch These Key Zones
MACD and Trend Structure Strengthen Reversal Case
From a momentum standpoint, the MACD indicator just recorded a bullish crossover. The MACD line broke above the signal line with the histogram changing to a bullish direction. It also coincides with the surge in volume, indicating growing bullish interest in the market.
To strengthen the bullish case, CRO had broken out of a declining trendline that had held it back. That breakout was supported by a bullish green candle that briefly pushed the price above the $0.10 barrier. Though that resistance point pushed back sellers, CRO is still, however, above its breakthrough point.
Just as importantly, price structure has now started forming higher lows. Such a movement reflects growing buying interest and shows initial signs of a trend shift from bear to bull. Such an ascending trendline under such higher lows is helping to establish a new base.
Cronos (CRO) Faces Critical Test at $0.0984
Cronos is in a make-or-break situation now. If it manages to hold a strong daily close above $0.0984, then that breakout can pick up steam towards $0.105 and even $0.110. If not, support will be between $0.0892 and $0.0861. A breakdown below that area can negate the current bullish setup.
There’s a volume of interest currently. It will require continued buying on behalf of follow-through in order for CRO to hold a breakout.
Looking forward to the long term, CoinCodex estimates that CRO may reach a maximum of $0.174872 by December. Based on the current price, that represents a potential gain of almost 85.89%.
Such a forecast also brings about interest in CRO’s future prospects, pending maintaining today’s trend and overcoming current challenges.
Also Read: Cronos (CRO) Needs Strong Push to Reclaim Bullish Ground Above $0.0926
