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CRO was the best-performing crypto asset on Nov. 8 as recent ecosystem developments renewed investor interest in the altcoin.
CRO (CRO) recorded gains of 30% bringing its market cap up from $2.34 billion to over $3 billion last seen 5 months ago. The altcoin has been in a downtrend since March this year as its price fell from its yearly high of $0.169 to $0.07 on Nov. 5.
The bearish trend for CRO came to an end the next day following two major developments that have fueled the rally over the past two days.
On Nov. 6, Cronos unveiled its new roadmap, highlighting AI-enabled tools, protocol upgrades, a revised token burn formula, and expanded CRO use cases for dApp development and cloud compute payments.
A day later, Google Cloud onboarded Cronos as its primary validator to help secure and maintain the decentralization of the network by producing and confirming new blocks.
Further, during a Nov. 8 AMA session, Crypto.com founder Kris Marszalek, whose team developed the Cronos blockchain, reiterated the platform’s intention to strengthen the ecosystem, stating, “we will make CRO great again.”
Marszalek’s remarks and the recent ecosystem developments have rejuvenated community enthusiasm, sparking bullish price predictions for the token, with some members eyeing a $10 price target. See below.
$CRO will go beyond $10.. 🏆 pic.twitter.com/ye7ngRRAM1
— Crypto West (@CryptoWestttt) November 7, 2024
When writing, community sentiment around CRO on CoinMarketCap was largely bullish, with 86% of 9,407 traders expecting the price to move up from current levels. Supporting this outlook, CoinGlass data shows a 28% increase in open interest in the CRO futures market to $7.15 million over the past day, alongside a shift in the weighted funding rate from negative to positive.
Meanwhile, the Average Directional Index indicated that the strength behind the current rally is gaining momentum suggesting that CRO may continue to rise in the short term. With Bitcoin currently in a price discovery phase, CRO’s rally could gain additional momentum as positive sentiment spills into the broader altcoin market.
However, on the 1-day CRO/USDT chart, CRO was positioned far above the upper Bollinger Band at $0.919. The indicator in conjunction with the Relative Strength Index at overbought levels of 79 suggests that the altcoin may face a reversal in the short term, before the next leg up.
In case of a reversal in price, $0.0772 which also marks the middle Bollinger Band will serve as the immediate support level.