Cronos Price Rallies 50% In a Week: Here’s What Powering the Rally

• The Cronos token registered a range breakout, revealing bullishness.
• The protocol is now a major Google Cloud partner.

CRO, the native token of the Cronos blockchain, has witnessed a massive surge of over 50% this week. After several ecosystem news and positive macro events, the Cronos price has surged to its highest level since August.

Cronos token recorded a massive range breakout and is set for a gigantic rally ahead. The price has climbed past the key moving averages, and a short covering was witnessed. That may fuel further price surges.

Cronos Labs Expands Collaboration with Google Cloud for Blockchain Innovation

Cronos Labs announced an expansion of its strategic partnership with Google Cloud. Google has become the leading cloud provider for Cronos and its ecosystem.

With this collaboration, Google Cloud will serve as the primary cloud provider for Cronos and its ecosystem. The alliance with Google Cloud will also focus on increasing developer adoption of Cronos and Google Cloud.

Meanwhile, some contributors to the Cronos ecosystem include Crypto.com, Ubisoft, Excision, and Blockdaemon, amongst other validators.

Likewise, Cronos Labs intends to use Google Cloud’s cutting-edge infrastructure to attain a new level of performance and accessibility. Cronos will use Google Cloud’s infrastructure and AI tools to achieve this.

Cronos Price Prediction: Can CRO Reach $0.1500 Mark This Month?

The daily timeframe analysis of the Cronos token implied a potential trend reversal. It massively rebounded from the demand zone of $0.0700. The bear cartel looked trapped amid the massive Cronos price surge of over 50% this week.

Moreover, it has crossed multiple resistance levels. Also, a further short-covering rally toward $0.1500 can be anticipated.

At press time, the CRO price was trading at $0.1068. The token noted an intraday rise of over 1.25%. Its market cap soared to $2.82 Billion and ranked 33 among the top crypto coins. It has a total supply of 30 billion. Furthermore, the pair of CRO/BTC was traded at 0.00000139 BTC.

The Relative Strength Index (RSI) line triggered a positive crossover and rose to the overbought zone. It noted around 77 at press time. That implied a sharp bullish momentum.

Likewise, the On-Balance-Volume (OBV) showed a sharp vertical rise. It depicted significant accumulation over the past few sessions. The Money Flow Index (MFI) curve rose massively to 95. This represented giant inflows in the market.

Weighted Sentiment Implies Bullish Sentiment

Data from Santiment hinted that the market participants turned bullish on the Cronos price and took long positions. The weighted sentiment data line reflected a massive vertical spike and rose to 0.064. This guided a positive outlook.

Amidst the strategic partnership with Google Cloud, the network growth curve rose significantly. The curve rose above the midline region, noting around 82 at press time.

Moreover, the funding rate data reflected a sharp demand for long contracts. At press time, the OI-weighted funding rate stayed around 0.0062%.

A massive prolonged buildup activity has happened over the past 24 hours. The Open Interest (OI) has risen over 24.30% to $9.01 Million.

The immediate support zones for the Cronos token were $0.1000 and $0.0920. At the same time, the upside hurdles were $0.1180 and $0.1320.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.