Major events unfolded in the cryptocurrency market last week, including U.S. President Trump's announcement of the Crypto Strategic Reserve. Yet, major altcoins continue to face challenges.
Introduction
Last week brought news that could have potentially driven significant growth in the cryptocurrency market. However, despite optimistic expectations, most altcoins remained stagnant or continued their decline post the November rally, with Cronos (CRO) standing out by showing a 10% increase.
Breakout and Retest
CRO recently achieved a breakout from a falling wedge pattern that had suppressed its price for an extended period. The initial surge was driven by the announcement of the 'U.S. Crypto Strategic Reserve,' enabling CRO to surpass the wedge's upper boundary and reach a local high of $0.1026. Following this, the price retraced to test the trendline at $0.075. This successful retest laid the groundwork for further growth, with a current target of breaking the key resistance at $0.1026. Overcoming this level could lead to a recovery toward the 200-day Moving Average (200MA) and possibly advance into the $0.13-$0.15 range.
Final Thoughts
Current data suggests a possible trend reversal for CRO, with a confirmed breakout and growing purchasing pressure. However, traders should remain cautious due to overall volatility in the altcoin market. Sustaining a price above $0.091 and surpassing the $0.1026 level could indicate further token strengthening.
CRO has shown significant recovery despite challenging market conditions. If the found support holds and the $0.1026 level is surpassed, CRO is positioned for medium-term growth.
