In the past 24 hours, the Cronos token demonstrated one of the sharpest rallies in the market, increasing by over 30%. However, analysts note a possible short-term pullback.
Sharp Price Increase for Cronos
Cronos prices have surged more than 30% over the last 24 hours, sitting around $0.23. Major factors driving this increase include financial news related to Trump Media's unit, including a reported $6.42 billion treasury plan.
Declining Buying Pressure
Analysis of exchange flows indicates decreasing buying pressure. For example, on August 26, there was about $5.81 million in outflows from exchanges, which turned into inflows by August 27, indicating over a 100% drop in buyer interest.
Price Pullback Prospects
Technical analysis suggests a potential support level for Cronos near $0.186. If the price holds at this level, it may reinforce the upward trend. However, the high RSI level of 75 indicates overbought conditions, suggesting a possible quick pullback.
There is clear evidence of a correction in demand for Cronos, and a short-term 10% pullback is possible, but longer-term factors may sustain interest in this token.
