Cronos price prediction suggests the rally has just begun and it is likely to continue in December. This token price has finally woken up after a year of consolidation; so more upside is possible.
At the beginning of November, CRO price broke out of the swing high hurdle at $0.08000 with a massive volume. It triggered a positive sentiment and the price shot up more than 25% in just two trading sessions.
Furthermore, it also hit a year-to-date high at $0.12264 and created hope for its investors. However, the price witnessed minor profit booking from the high and retraced back to the breakout level. Luckily, the buyers are active and succeed in defending the support.
The volatility in the Cronos also decreases and the price begins to consolidate. Cronos crypto has rallied a lot in the last month so consolidation is much needed for the price stability.
At present, buyers look more aggressive as compared to sellers. So, the price may explode over time and show a sharp rise. Therefore, traders may play bullish bets to generate nominal returns.
Cronos price is trading at $0.09742 with an intraday rise of 5.47%. The 24-hour volume to market cap is 1.11% denotes low liquidity in the token.
Will Cronos Price Consolidate or Continue the Rally in December?
Cronos price is in an uptrend and buyers’ dominance is visible in the chart. Any short-term correction toward the EMAs will be easily absorbed by the buyers. So, existing investors must hold their position and new investors must look for buy or dip opportunities.
On the higher side, $0.11032 is likely to act as an immediate hurdle for bulls. If the buyers succeed in breaking the hurdle, then it will begin the next phase of the rally.
The analysis suggests that the CRO price is inside the bulls’ grip so the probability of continuing the rally is high as compared to consolidation.
CRO Price Forming a Double Bottom Pattern
CRO price forms a double bottom pattern on the weekly chart. Buyers are trying to break out of the neckline hurdle. If they succeed, then the CRO token will turn bullish on the weekly chart.
On a daily time frame, the MACD displayed a negative crossover indicating mild bearishness. However, the RSI curve at 56 slopes upward denoting the strength of bulls and suggesting a rise.
Conclusion
Cronos price prediction favors the bulls and suggests that the rally has just begun. It is forming a bullish pattern and indicating that the price is preparing for another phase of the rally.
The analysis suggests CRO token price is trading at attractive levels so investors may look to buy for generating nominal returns.
Technical Levels
- Resistance levels: $0.11032 and $0.12252
- Support levels: $0.08066 and $0.06856
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. 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, with a major in macroeconomics and minor in business statistics. She 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. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
Source: https://www.thecoinrepublic.com/2023/12/04/cronos-price-rose-43-in-nov-how-much-will-it-rally-in-december/