Cronos (CRO) Price at Crossroads as Early Breakout Signals Emerge

Cronos ($CRO) has started July positively, with a 6% price increase in the first week. On-chain data reveals a bullish momentum building up among the Cronos whales. Do they have enough in the tank to trigger a full-on $CRO price breakout?

After making massive sell-offs in June, Cronos whales seem to be regaining some confidence. Can they inspire other $CRO investors to become bullish themselves?

Crono Whales Are Regaining Confidence

Cronos whales holding balances of 1 million to 10 million coins have been in a sell-off mode since June 9. But that bearish momentum switched around July 2, according to the $CRO Supply Distribution data compiled by Santiment.

As shown below, the whales sold off 30 million $CRO between June 9 and July 2. However, as $CRO began to show early breakout signs, the whales started buying again. Since July 2, the price-savvy whales have acquired 10 million coins.

Cronos Price Breakout | Whale Wallet Balances, July 2023. Source: Santiment

Monitoring real-time changes in whale wallet balances indicates the trading sentiment among large institutional investors.

Historically, the trading activity of this specific cluster of $CRO whales holding 1 million to 10 million coins has been closely correlated to price. Hence, if their current buying trend evolves into an accumulation frenzy, $CRO could soon break above $0.06.

The Bulls are Seizing Control of the Media Narrative

Furthermore, Cronos’s ecosystem has grown significantly more optimistic this week. This poses another critical indicator of an impending $CRO price breakout.

The chart below illustrates that $CRO Weighted Sentiment has improved by 22% from -0.83 to -0.68 over the past week.

Cronos Price Breakout | Weighted Sentiment, July 2023. Source: Santiment

Weighted Sentiment evaluates the level of optimism within the Cronos ecosystem by comparing the number of positive social media comments to the negatives.

As shown above, there has been a significant increase in positive comments surrounding $CRO this week. And considering that the Weighted Sentiment still sits below zero, it signals more room for growth before the $CRO price hits the market top.

$CRO Price Prediction: $0.065 on the Horizon

According to the In/Out of the Money Around Price (IOMAP) data, a Cronos price breakout toward $0.065 is a viable prediction.

But first, the bulls will have the initial resistance at $0.061 to contend with. At this zone, 2.100 investors that bought 29,520 $CRO coins at the average price of $0.061 could trigger a reversal.

However, if the bulls seize the media narrative as predicted, $CRO could hit the $0.065 price target.

Cronos Price Breakout | IOMAP data, July 2023. Source: IntoTheBlock

Still, there’s a chance that the bears could regain control if $CRO fails to clear the $0.061 resistance. However, Crono’s price will find its initial at the $0.055 range. At that zone, 787 investors that bought 21.83 million $CRO coins at the average price of $0.055 could trigger a rebound.

But if that support level cannot hold, the Cronos bearish reversal could reach $0.048.