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Cronos Breaks $0.0975 Resistance – Can CRO Possibly Rally Above $0.1?
In a remarkable turn of events, Cronos has managed to break the crucial $0.0975 resistance level, leaving many traders and investors wondering whether this is merely a temporary surge or if it will continue in the near future. The liquidation heatmap provided clues about a 5% price dip for Cronos, but a continuation of the uptrend also remains a possibility.
The recent surge has been fueled by strong buying pressure, which has resulted in a sharp increase in CRO’s value over the past 36 hours. Although there were signs of a pullback, it was limited to just 5%, which is much more reasonable than anticipated given the rapid rise we have seen recently.
Currently, Cronos’ bullish market structure on the daily chart suggests that this momentum could continue for some time. The token has been attempting to scale $0.105, with the OBV showing a significant uptick in trading volume over the past couple of days. This is certainly an encouraging sign for those who are holding onto their CRO positions.
Additionally, the 1-day RSI has surged past neutral 50, indicating strong bullish momentum. As long as this demand can be sustained, Cronos could potentially initiate a rally higher.
However, if we see a decline below $0.1 and $0.0975 in the coming days, it’s likely that the recent price surge would turn out to be nothing more than a fake-out for traders who have been trying to get into this token at its current resistance levels.
On the derivatives market, short sellers are currently crowding the space, as seen by the steeply negative Funding Rate of -0.3%. This is reminiscent of what happened on March 6th when the price hit $0.093 and dipped shortly after. If a similar scenario plays out, it could indicate that we may see a retracement to around $0.098 before the uptrend continues.
In conclusion, while it’s impossible to predict with certainty whether Cronos will successfully rally above $0.1, it is clear that this recent surge has caught many traders off guard and could potentially be the start of something much bigger for CRO in the near future.
Source: https://ambcrypto.com/cronos-breaks-0-0975-resistance-can-cro-possibly-rally-above-0-1/
