The native token of the Cronos blockchain, CRO, is gaining significant attention in the current bullish market phase as major investors, commonly referred to as “whales,” are expressing robust interest and confidence in the token. Following an impressive 150% price surge, CRO is currently experiencing a period of consolidation within a narrow trading range. This consolidation has resulted in the formation of a bullish price action pattern on the daily chart, indicating potential further gains.
CRO Technical Analysis and Upcoming Levels
Expert technical analysis reveals that CRO has developed a bullish pennant price action pattern on its daily timeframe, which suggests an imminent breakout. Historical price trends and recent movements imply that if CRO surpasses and maintains a daily close above the $0.20 threshold, it could potentially rally by 80%, reaching the $0.35 mark in the near future.
Moreover, the technical indicator known as the Relative Strength Index (RSI) provides additional insights into CRO’s potential trajectory. Currently, CRO’s RSI stands at 60, which is comfortably below the overbought territory of 70, indicating that the altcoin still possesses room for upward movement in the days ahead.
Bullish On-Chain Metrics
On-chain metrics further reinforce the bullish outlook for CRO. According to Coinglass, a prominent on-chain analytics firm, there has been significant interest in CRO from whales, institutional investors, and retail participants. This heightened interest is evidenced by notable outflows from cryptocurrency exchanges, with a substantial $22.64 million worth of CRO tokens being withdrawn.
This large-scale withdrawal indicates that whales and institutional investors are transferring their CRO holdings from exchanges to personal wallets, which is often viewed as a bullish signal. Such behavior suggests a potential buying opportunity and hints at an impending upward rally for CRO in the near future.
Beyond the involvement of whales, derivative traders are also showing considerable interest in CRO. Coinglass reports that CRO’s open interest has surged by 13.15% over the past 24 hours. This increase in new open positions signifies growing confidence and belief among traders in CRO’s bullish price action pattern.
Current Price Momentum
As of the latest update, CRO is trading around $0.1842, having experienced an upward momentum of 4.10% over the past 24 hours. During this period, trading volume for CRO has surged by 50%, reflecting heightened activity and participation from both traders and investors compared to previous days. This increase in trading volume further underscores the growing interest and positive sentiment surrounding CRO in the market.
In conclusion, CRO’s current technical and on-chain metrics paint a promising picture for the token’s future performance. With strong interest from major market participants and favorable price action patterns, CRO appears well-positioned for continued growth in the ongoing bullish market trend.
