Cronos (CRO) Crypto Is Heating Up the Crypto Scene, Riding the Bullish Wave

Its price has rushed over 10% this week. The CRO price has increased its gains from the positive sentiment across the market.

Cronos (CRO) crypto had an impressive week, with its price surging over 10%. The bullish momentum was fueled by positive market sentiment and key resistance levels being breached.

After five days of上涨趋势, CRO crypto crossed the 20-day and 50-day EMA levels, setting it up for further gains in the upcoming trading sessions.

Cronos attracted investor interest, building momentum and reaching the critical hurdle of $0.0800. This pullback to the double-bottom formation hinted at a possible breakout. Could a daily close above $0.0900 propel the bulls to drive the CRO price toward the $0.1000 mark?

CRO Price Prediction: Is CRO Charting a Rally?

The daily chart of Cronos crypto displayed a trend reversal, with the altcoin rallying this week. The follow-on buying activity, with a substantial increase in trading volume of over 22%, signaled investor speculation.

Cronos price action showed positivity over the past two weeks as it continued to paint greens. Notably, it formed a double bottom around its pivot support zone of $0.07300 and initiated a reversal.

At press time, the CRO price was trading at $0.08613, with an intraday rise of over 1.81% in the past 24 hours. Its market cap stood at $1.32 Billion, ranking as the 38th largest crypto.

Crypto Analyst @JavonTM, in his tweet, mentioned that CRO price had maintained gains above multiple resistance levels. The price could be set to re-visit $0.08868 in the upcoming trading sessions.

$CRO (Cronos) remains here broken out of multiple resisting structures with a target at $0.8868!

A more than 10X in an over 963% climb to reach it can be on the way and already in-progress…

(Personally, I am up over 900% on Cronos (CRO) from my initial entry at $0.0098 and still holding some for the long term.)

(This is not financial advice.)https://t.co/qIRu122gjN pic.twitter.com/mHmdiF7aot

Moving on, most technical indicators were echoing bullish cues. The Relative Strength Index (RSI) curve heading toward the overbought zone at 59 conveyed the bullish signals.

Furthermore, the Chaikin Money Flow (CMF) indicator had a reading of 0.59, reflecting the rising inflows in the market. In a similar vein, the MACD indicator signaled a bullish crossover and depicted green bars on the histogram.

The rising mean coin age was an indication of network-wide accumulation. This bolstered the chances of a move past $0.0900 shortly.

Additionally, Cronos crypto saw a significant increase in daily active addresses, suggesting increased network activity. Usually, a surge in addresses corresponds to growing investor confidence, hence the price surge.

Futures Data Indicated Positive Sentiment

The OI-weighted funding rate was positive at 0.0126%, indicating that longs were dominant, which was a sign of bullish sentiment.

Funding Rates Data | Source: Coinglass

The futures open interest rose along with the CRO price, indicating that speculators were betting on continued price gains. Over the last 24 hours, the OI increased by 15.33% to reach $5.56 Million, suggesting a buildup of longs activity.

The immediate support levels were $0.08500 and $0.08300, while the resistance levels were around $0.08800 and $0.09000.