Today’s trading session is seeing an aggressive push to the upside by CRO price due to the latest announcement of the mainnet upgrade. Already up by 6 per cent, the trading session is also looking likely to continue rising.
In its announcement yesterday, the platform announced that the upgrade would be occurring at the height of block 3,982,500 and is scheduled for August 3rd 2022, 02:00 UTC. The upgrade will see the platform’s mainnet improve on its scalability and will also mark a significant improvement to the system.
During the upgrade, Crypto.com had already issued a notice of temporarily pause for deposits and withdrawals of CRO and all CRC20 tokens in both the Crypto.com app and exchange during the upgrade period.
The improvement of its mainnet is also seeing significant interest from investors. In the past 24 hours, the trading volume of CRO has shot up by 675 per cent. Normally, such a surge signals only one thing. A price surge is in the offing. However, looking at the raw data, the trading volume has jumped to $165 million. For context, in yesterday’s trading session, the total trading volume was $29 million; on July 31st, the total trading volume was $16 million.
Fundamental factors and not technical ones will drive the next few trading session. Looking at the current available data, I expect the next few trading sessions to be aggressively bullish. For instance, the trading volume surge of 675 per cent will start being translated into the markets soon.
Typically, when there is such a surge in trading volume, prices can rise by as much as 20 per cent. Therefore, today’s 6 per cent price gain is an indication that CRO still has enough room to go up. As a result, my CRO price expectation is for it to hit the $0.16 resistance level.
We are highly likely to see prices trading above the $0.2 price level in the next few trading sessions. However, should the price trade below today’s opening price of $0.13, my bullish analysis will be invalidated. It will also mean a possible downward move.
This post was last modified on Aug 02, 2022, 16:37 BST 16:37