The CRO Token Price Hits 200-Day EMA; Will It Shoot to the Sky?

• Cronos crypto has witnessed a surge in its trading volume.
• The supply inflation of the CRO crypto is high at 5.18%.

Crypto.com offers a comprehensive suite of cryptocurrency services, including trading, a digital wallet, and a Visa card. Cronos, its blockchain, focuses on decentralized finance (DeFi), NFTs, and gaming, enhancing transaction throughput and integrating with Ethereum. 

The native CRO token facilitates transactions and payments within the ecosystem. Founded in 2016 as Monaco, the platform was rebranded as Crypto.com in 2018.

Price Overview Chart of CRO | Source: CoinMarketCap

The spot trading volume of the Cronos crypto has witnessed a surge of 55% over the last 24 hours. It further results in a traded value of $19.98M while the liquidity of the crypto is very low, with a volume/market ratio of 0.66%.

Despite low liquidity, the CRO price is stable, with a volatility of 4.24% at press time. Also, Cronos has an outstanding market cap presence with a market cap dominance of 0.12%.

The market cap value of the Cronos is $3.037B, and its market cap ranking is #36. The fully diluted market cap of the crypto is slightly higher than the fully diluted market cap, which shows that the circulating supply is lower than the maximum supply.

Cronos Crypto Derivatives Data Analysis

The trading volume of the derivatives of Cronos crypto has also witnessed a surge of 82%, which resulted in a traded value of $8.24M.

Cronos Crypto Derivatives Open Interest Chart | Source: Coinglass

Despite the surge in the trading volume of the crypto, the open interest in the crypto has witnessed a decline of 3.8% over the last 24 hours, resulting in a value of $7.73M.

The long/short ratio of the crypto is 0.844, and its recorded long liquidation is $5.97K. Despite this, the recorded short liquidation is very low at $422.96. It shows the dominance of sellers over the last 24 hours in the crypto.

CRO Crypto Technical Analysis

The CRO token’s price trades inside a descending triangle pattern, witnessing an existing downtrend with the profit booking at higher levels.

CRO Crypto Daily Price Chart | Source: Tradingview

CRO crypto’s larger timeframe chart shows its price is in a solid downtrend and is currently retracing from the swing high of $0.1851. 

On 23 January 2024, the crypto’s price formed a swing low of $0.0710 and advanced by 160% from the swing low. Further, the price started witnessing profit booking and declined by 45%, leading to a descending triangle pattern.

CRO/USD Chart by TradingView.com

The 50-day and the 200-day EMAs are trading in a golden crossover. The CRO token’s price is taking support at the 200-day EMA. More price surge might be possible if it breaks above the most recent swing high of $0.1212 and sustains there.

The Bollinger bands on the chart have also contracted, showing a higher probability of an upcoming breakout followed by the pre-existing volatility in price. 

The MACD and the signal line overlap, trading in negative territory. The histograms are also neutral on the charts, which shows uncertainty regarding the crypto trend. 

The RSI has also sustained below the 50 level, showing weakness in the momentum of the crypto. Therefore, it further needs to break to higher levels for a surge in the price and momentum of the crypto.

Summary

Cronos (CRO) crypto’s price has hit the 200-day EMA, indicating a potential for a breakout if it surpasses recent highs.

Despite a 55% surge in trading volume, high supply inflation, and low liquidity, technical indicators show uncertainty. CRO needs to break above current resistance levels for a strong upward trend.

If the price of the CRO crypto continues to decline, it might take support at $0.0880 and $0.1050 levels, followed by the resistance levels of $0.1500 and $0.1800.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.