Cronos (CRO) market has been favorable in the last 24 hours, with bulls successfully fluctuating its price between $0.06102 and $0.06486. As of press time, CRO had risen by 3.36% to $0.06354 from its previous closing of $0.06142. This move indicates a possible continuation of the rally in the short term.
If the bullish trend continues, the next resistance level may be at $0.068, a major milestone to watch for further upside movement. But, if there is a substantial drop, the support level to watch is around $0.058.
Traders joined the rally during the bull’s reign, causing market capitalization and 24-hour trading volume to grow by 3.55% and 12.85%, respectively, to $1,606,662,888 and $24,339,724. This spike demonstrates investors’ increasing confidence in the market and the possibility for additional expansion.
Still, it also raises questions about the long-term viability of such a quick increase in value. If this spike continues, the resistance level may be surpassed shortly, triggering a market correction and causing prices to collapse.
CRO/USD 24-hour price chart (source: CoinMarketCap)
The linear motion of the Bollinger bands on the CRO/USD price chart suggests that, although the market is optimistic, a price correction is possible soon. This move might be due to the band’s narrowing, which indicates lower volatility and could lead to a breakthrough in either direction.
The upper band hits 0.0653, and the lower band touches 0.0606, indicating that the asset’s price has been trading inside a narrow range and is likely to see a substantial price change shortly.
Readings below 50 when bullish indicate that the current bullish momentum is weak and may quickly reverse. While readings over 50 when bearish indicate that the current negative momentum is robust and may persist.
As a result, the reading of 46.91 on the CRO price chart indicates that the present bullish momentum is weak and may soon reverse, but it is not yet a definite sign of a negative trend.
With a value of 0.000, the Bull Bear Power (BBP) goes south, indicating that there is no major buying or selling pressure in the market then, and traders may wish to wait for more confirmation before making any trading choices.
CRO/USD price chart (Source: TradingView)
The Aroon up reading of 50.00% and the Aroon down reading of 7.14% indicate that the bullish momentum in CRO is greater than the bearish momentum, suggesting a likely rally soon. This movement shows that buying pressure may continue to drive the price higher, but traders should watch any notable changes in the Aroon readings as they might signify a shift in momentum.
With a CMF value of 0.13 and a northward movement, the present bullish trend in CRO is backed by positive money flow into the asset. This increase indicates that investors are bullish about CRO’s prospects and are prepared to pay greater prices, implying that the rising trend will likely continue soon.
Suppose the Chakin Money Flow moves near the “0” line. In that case, it might indicate a shift in buying and selling pressure and a probable trend reversal, warning traders to watch the market and modify their holdings appropriately to prevent potential losses.”
CRO/USD price chart (source: TradingView)
CRO market shows short-term potential for further gains, but caution is advised as a price correction may be looming.
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