CRO, the native token of the Cronos blockchain, is capturing whale interest and shows strong growth in the ongoing bull rally. After a notable 150% increase, the token consolidates and displays a bullish pattern on the daily timeframe.
CRO Technical Analysis and Level Forecast
According to expert technical analysis, CRO has formed a bullish pennant pattern on the daily chart and is nearing a breakout. If CRO breaches and closes above the $0.20 level, it could potentially rise by 80% to $0.35 in the coming days. The Relative Strength Index (RSI) also suggests room for growth, standing at 60, below the overbought zone of 70.
Bullish On-Chain Metrics
Coinglass on-chain analysis reveals strong interest in CRO from whales, institutions, and retail traders, with significant token outflows of $22.64 million from exchanges. This movement signifies that whales are moving tokens to their wallets, often seen as a bullish sign. Additionally, derivative trading shows increased CRO interest, with open interest rising by 13.15% in the past 24 hours, indicating growing new positions and traders' confidence in the token.
Current Price Momentum
As of now, CRO is trading near $0.1842, showing a 4.10% increase over the past 24 hours. The trading volume has surged by 50% during this period, indicating heightened participation from traders and investors.
CRO, the token on the Cronos blockchain, continues to impress with its movement in the current bullish rally. The involvement of large players and bullish market metrics indicate potential for further growth in the coming days.
