7% Pop for Cronos (CRO), Bulls in Control or Bears Waiting to Strike?

• Cronos (CRO) has risen 7%, hovering at $0.17.
• Daily trading volume is up by over 31%.

The brief bullish power is driving the crypto market, with a 2.46% spike, reaching $4.06 trillion. With bulls waving the green flag, almost all the major assets are dipping in green across the board, including the largest assets. Bitcoin (BTC) and Ethereum (ETH) are trading on the upside, gaining momentum

Within the altcoin market, Cronos (CRO) has recorded a gain of over 7.84%. The opening price for the asset was around a low of $0.1558. As the bulls regained strength, CRO has initiated a climb to a high range of $0.1696. Notably, its crucial resistance levels between $0.1562 and $0.1692 have been tested

The CoinMarketCap data reveals that Cronos currently trades within the $0.1715 mark, with its market cap reaching $5.55 billion. Meanwhile, the daily trading volume of the asset has soared by over 31.94%, touching the $46.29 million level

CRO’s seven-day chart was marked with a gain of over 26.53%. The asset’s weekly low was noted at around the 0.13 range. After a series of climbing and slipping, the price has risen to the current trading level

Is Cronos Gearing Up for Gains or a Dip?

As the Cronos bulls took command, the price might climb and test the initial resistance at the $0.1720 range. Further upside correction could trigger the golden cross to take place, and send the price above the $0.1725 mark. On the downside, if the asset loses momentum, it could pull the price back, finding the nearest support at the $0.1710 level. An extended bearish correction might strengthen the bears and invite the death cross to unfold, driving the Cronos price below $0.1705.

*CRO chart (Source: TradingView)*The asset’s Moving Average Convergence Divergence (MACD) line crosses above the signal line, suggesting a bullish signal in technical analysis. Its momentum is shifting upward, and the asset’s price might rise. Also, Cronos’ Chaikin Money Flow (CMF) indicator found at 0.42 is considered strongly bullish. The value indicates significant capital flow into the asset; there is active buying, and the price momentum could continue its upward movement

Cronos’ daily Relative Strength Index (RSI), positioned at 77.06, is pointing to the overbought territory. With the strong bullish momentum, there is a risk of a pullback or correction. Besides, the Bull Bear Power (BBP) value at 0.0176 implies that the bulls currently have a marginal dominance over the bears. The asset’s price would easily shift either way.

Highlighted Crypto News

LayerZero (ZRO) Defies Gravity: Can the 23% Blast-Off Keep Flying?