Today’s trading session is extending the previous two consecutive sessions, where CRO price has gained in the markets. This is after a difficult month of April that has seen CRO prices decline by over 15 per cent before the current recovery. Since its launch, Cronos has grown to become one of the fastest-growing cryptocurrencies in the market.
Today, it boasts of having a market capitalisation of over $12 billion. The platform is also a native cryptocurrency of the Crypto.com chain, a blockchain developed by Crypto.com. This makes it part of one of the largest cryptocurrency exchanges. The cryptocurrency was also known initially as Crypto.org but rebranded in February to its current name, Cronos ($CRO).
In the past 24 hours, CRO has seen its trading volume grow to $46 million. This is a 1.4 percent increase, which is still significant. Usually, when trading volume increases, there is always a high likelihood of the markets becoming bullish. The current growth can also result from many exchanges bringing CRO into their platform. This has resulted in the cryptocurrency gaining more traction among users, resulting in the recent increase in prices.
The chart below shows the prices of Cronos are in a strong bullish move. This is after a recent price decline that started on April 14, which resulted in an eight per cent drop. The chart also shows the Williams Alligator showing a lean on the bearish trend. The chart also shows the prices trading in a triangle market structure. The prices have recently hit an ascending trend line and bounced strongly to the upside.
Therefore, my CRO price prediction expects the prices to continue with the current bullish push. There is a high likelihood that the current bullish trend will push to break the $0.5 support level, which was also the March price high. Using the chart, there is also a likelihood that the current push to the upside is a trend reversal after weeks of a bearish move.
This post was last modified on Apr 20, 2022, 16:04 BST 16:04