Cronos price shows enormous bullish actions by gaining 19% this week. The bulls are leading and looking in the shape of perfect momentum. The recent follow-up buying set an ideal pace of action for the bulls to swoop into the uptrend.
The recent double-bottom formation stimulates bulls to register a breakout and spread rally. Moreover, the successive buying with a spike in volume on the intraday chart indicates that more rallies can be seen in the upcoming sessions.
Double Bottom Formation On Daily Chart
On the daily chart, double bottom formation laid the setup for a sharp recovery making a tweezer bottom at the support. The last session was a blessing for the token, gaining a massive bounce of 10%. The token is now setting its eyes on its 100-day EMA, priced at nearly $0.0800. However, at the time of writing, CRO is trading at $0.0739. The trading volume in the last 24 hrs pumped up by 170%, showing tremendous buying.
Cronos token from a previous couple of days outperformed well amid the market’s corrective move. In the past 7 trading sessions, massive buying activity was witnessed. It seems like the bears are not interested in participating in fear of aggressive bulls.
Short Term Charts Shows Aggressive Buying
On the 4 hours chart, the Cronos token is excessively bullish, indicated by all the leading and lagging indicators. With Bitcoin’s bullish move, CRO collaborates well by showing the propulsion gains.
RSI: The RSI curve is in the overbought zone guiding that the token in the last 7 trading sessions was accomplished with buying, and now it’s time to cool off and retrace back for a healthy pullback. As the curve is near 80, which indicates that some profit booking is expected now in the upcoming sessions
MACD: The MACD shows that the crossover was noticed this week afterward token jumps without retarding back its leg. The pumping motion of the token tangled the bears, who had possessed their positions for ages.
Conclusion
Cronos token looks excessively bullish, pumped up with straight buying from the last 7 trading sessions. Moreover, the token is near its 100-day EMA, so it may hit the target or show profit booking in the upcoming sessions.
Technical Levels
Support levels: $0.0610 and $0.0500
Resistance Levels : $0.0870 and $0.0900
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/14/cronos-price-prediction-cro-portrays-wings-of-fire-rallied-by-10-intraday/