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Bulls in the Cronos (CRO) market have seen their strength peak in the last 24 hours, soaring the price from a low of $0.05758 to a 7-day high of $0.06019. Despite resistance at the intraday high, CRO bulls maintained market control as of press time, resulting in a 3.68% gain to $0.05989.
A break above this resistance level could lead to further gains for CRO bulls, with the 30-day high of $0.06250 as the next target. If the resistance remains strong, investors can expect a consolidation phase or a minor pullback in the coming days before another attempt to break through.
During the surge, CRO’s market capitalization and 24-hour trading volume increased by 3.54% and 192.10%, respectively, to $1,511,019,231 and $22,228,718. This surge indicates a significant increase in investor interest and activity in CRO, which may contribute to CRO’s upward trend.
Furthermore, the increased trading volume suggests significant buying and selling activity, which may indicate increased market liquidity for CRO.
The stochastic RSI on the CRO/USD 3-hour price chart reads 81.06 and moves southward, indicating the bullish momentum is fading. This motion indicates that market buying pressure is easing, and a reversal or correction may occur.
If the stochastic RSI falls below the overbought level of 70, it could confirm the weakening bullish momentum and increase the likelihood of a reversal or correction.
The Chaikin Money Flow rating of 0.08 confirms the stochastic RSI’s indication of weakening bullish momentum. A low Chaikin Money Flow rating indicates that buying pressure decreases while selling pressure increases, indicating a potential reversal or correction soon.
However, the MACD (blue) line movement above its SMA line with a reading of 0.0009 and histogram above zero indicates that the market is still bullish. This means that while signs of a potential reversal or correction have not yet been confirmed, the overall trend remains upward.
The Relative Strength Index pointing downward at 70.03 adds to the possibility of a reversal or correction. However, the RSI remains above the overbought level of 70, indicating that the market remains firmly bullish.
In summary, CRO bulls are experiencing a strong surge with resistance at $0.06019. A break above this level could lead to further gains, but fading bullish momentum and indicators suggest a potential reversal or correction.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.