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Cronos (CRO) has traded above $0.065 since March 10, remaining firm at its current price. Despite recent retracements, on-chain data shows that CRO whales are still buying. Will it trigger the move above $0.070?
Cronos (CRO) will have a tough time breaking above $0.070, but there’s minimal resistance after that zone.
Crypto Whales are Buying CRO
Cronos (CRO) is the native cryptocurrency of the Cronos Chain — a decentralized, open-source blockchain developed by Crypto.com. Recent efforts by the exchange to expand its global footprint and attract institutional investors appear to be paying dividends.
According to on-chain data from Santiment, a strategic group of crypto whales have been accumulating CRO coins since the turn of the year.
As seen below, the accumulation trend has continued in the last 30 days. Between Feb 17 and March 28, the cluster of whales holding 100 million to 1 billion CRO has increased their balances by 200 million tokens worth nearly $13 million.
With this cluster of whales now holding about 13.4% of the total Cronos circulation supply, they can significantly influence the price. If the whale buying trend continues, it could power CRO above its current $0.070 resistance.
Similarly, the seemingly gloomy social sentiment in the Cronos (CRO) community is another on-chain metric that validates the bullish outlook. Cronos weighted sentiment has remained negative since March 20, according to Santiment.
Weighted sentiment compares the volume of negative mentions across prominent crypto-related social media channels to the positive. Over the last 30 days, topics surrounding Cronos have been titled negatively.
Since March 20, when the markets appeared to react to news of a potential Dubai trading license for Crypto.com, Weighted sentiment for Cronos has declined from 0.07 to a negative score of -0.22.
Notably, a persistently negative social perception could potentially attract crypto investors looking to scoop the underlying asset at lower prices.
Summarily, if the whale accumulation trend continues, the current dysphoric perception could attract buy pressure from more investors in the coming weeks.
CRO Price Prediction: $0.085 is on the Horizon
According to the Exchange Market Depth data aggregated by IntoTheBlock, $0.075 is the next target for CRO. The Exchange Market Depth chart shows critical buy and sell walls based on the limit orders currently placed by Coronos traders on exchanges.
As seen below, CRO will have difficulty breaking its current $0.070 resistance. Around the $0.070 zone, traders have put 1.65 billion CRO tokens up for sale. But, if that sell wall does not impede the rally, CRO can approach $0.085. At the $0.085 zone, exchange traders have put 636 million coins up for sale.
Still, the bears can force a downswing if CRO slips 10% toward the $0.060 zone. At this point, a buy wall of 40.5 million CRO can offer support. However, if that support does not hold, CRO holders can expect a further downswing to $0.50.