Bullish Dominance Observed in Cronos (CRO) Price; What’s Next?

• The CRO token price has given a breakout at $0.0901 from the trendline.
• Cronos crypto’s all-time high price is $0.9698.
• Moving averages reflect a positive signal while the oscillators are neutral.

Cronos (CRO) is a decentralized open-source blockchain developed by the crypto.com payment. Cronos Chain is designed to increase personal control over money, safeguarding and protecting users’ personal data and identities. It serves primarily as a vehicle that powers the crypto.com Pay mobile payment app. The Ethash function secures the network built on Ethereum’s (ETH) blockchain.

CRO One Month Return Exceeds the Year-to-date Return

Cronos crypto has been trading in a bullish trend since October 2023. The price has given positive returns for five consecutive months, except January 2024. It has experienced strong bullish sentiments in the last two months, reflecting a bullish outlook.

CRO has a maximum supply of 30.26 Billion CROs, which makes Cronos a deflationary cryptocurrency model. The current circulation supply is at 26.57 Billion tokens, holding 87.80% of the maximum supply. It currently has a market capitalization of $3.72 billion.

Cronos 70 Billion tokens burned in 2021, created when the blockchain went live. It makes it a non-mineable cryptocurrency.

Price to Volume and Social Dominance Analysis

The Cronos volume, price, and social dominance gave peak performance in early March 2024. The volume surged above $299.81 Million, and the social dominance is nearly 1% in the crypto world. However, the volume and dominance are slowly declining in the current sessions.

The 24-hour trading volume is $25.86 Million, ranked 265th among 9,107 active cryptocurrencies. Cronos crypto volume to market capitalization ratio (VMR) is currently at 0.72%, reflecting decent stability in trading.

Technical Analysis of the CRO Price

The short-term outlook lies above the key exponential moving averages on the bullish side. The 50-day and the 200-day EMAs had a golden crossover at $0.0633, reflecting solid bullish sentiments. Both the EMAs become dynamic support for the CRO price.

The Cronos price has given a breakout at $0.0901 from the trendline forming below. The price surged nearly 100% to the $0.1743 resistance, facing selling pressure. The price is moving toward the $0.1139 bullish POI, which can play a crucial role in leading the price to $0.2064.

Moreover, the relative strength index (RSI) reflected an internal bearish divergence in the momentum. It indicates the selling pressure has become strong in the current phase. The RSI is moving at 53.20 above the middle band.

Summary

Cronos is an open-source, decentralized blockchain. The maximum supply makes it a deflationary model, which became beneficial for investors. The current price is moving toward the $0.1139 decisional point of interest. Regarding the technicals, the CRO price may surge to $0.2064 after a substantial retracement on the POI.

Technical Levels

• Resistance Levels: $0.1743 and $0.2064
• Support Levels: $0.1139 and $0.0901

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.