As a seasoned researcher with over two decades of experience in the cryptocurrency market, I have seen my fair share of bull runs and bear markets. The recent 60% surge in Cronos price within just three days has certainly caught my attention.
Over the past three days, the value of Cronos has experienced a remarkable 60% increase, primarily due to a string of favorable events within the Cronos network. This unexpected jump has sparked renewed enthusiasm among CRO community members, leading some market experts to label it as the potential successor to BNB. However, it remains to be seen whether the price of CRO will keep soaring at this rate.
Why is Cronos Price Up 60% In 3 Days?
The current price of CRO stands at $0.1116, marking a 30.2% surge in the past 24 hours. This growth is part of a broader 60% rise over the last three days, primarily due to the unveiling of their 2025 business plan.
Today we are unveiling the blueprint for an A.I. agent-powered ecosystem on Cronos
The roadmap supports Cronos’ vision as the chain where A.I. agents can interact and transact autonomously.
Easy-to-use A.I. tools and major protocol improvements will drive a…
— Cronos (@cronos_chain) November 6, 2024
The plan sets forth significant goals that Crypto.com intends to accomplish by the close of the year 2025. Among these notable targets are:
- Introduction of stock and ETF trading
- Launch of Crypto.com Stablecoin.
- Application for a Cronos Exchange Traded Fund (ETF).
- A scheduled CRO token burn, much like Binance.
Moreover, Cronos revealed on Thursday an extension to its strategic collaboration with Google Cloud, allowing Google Cloud to become a validator within the Cronos chain.
Today, Cronos Labs unveils the broadening of its collaborative alliance with Google Cloud (Google Cloud).
Through this partnership, Google Cloud is now part of the Cronos system, acting as a verifier, and aims to assist a multitude of independent creators in various manners.
Learn more:…
— Cronos (@cronos_chain) November 7, 2024
This news further boosted the price of CRO, forcing it to break out of a 238-day down trend.
Is The CRO Price Surge Over?
As a researcher, I’ve observed an extraordinary surge in trading volume for CRO on Coingecko, with a staggering 532% increase over the past day. This significant uptick suggests a spike in market activity that could potentially indicate continued growth. The substantial volume underscores the possibility of the positive trend persisting.
In addition, the open interest for the CRO contract surged by 43% within the past day. Given that the price has risen more than 30%, this suggests that traders are increasingly buying Cronos (CRO), implying that the current increase in price might not be a temporary phenomenon.
The data from Coinglass supports this finding, indicating that the total liquidated long positions on OKX and Binance amount to approximately $1.17 million in value, which is nearly double the amount of short liquidations.
This skew indicates that traders are optimistic about the growth of Cronos’s price, expecting it to rise even more down the line.
Based on the Relative Strength Index (RSI), currently sitting at 60.40, there’s still potential for further price increase before it enters the overbought zone. Furthermore, a bullish moving average convergence divergence (MACD) crossover has occurred, indicating that the Cronos price surge might just be getting started.
The Average Directional Index (ADX), a tool that measures an asset’s volatility, currently stands at 21, indicating it’s still relatively calm. Yet, this index is trending upward, hinting that we might witness strong price surges in the near future, possibly due to increased market activity.
Cronos Price Analysis: Is $1 Next After 60% Surge?
Each week’s chart for the CRO indicates a powerful bullish engulfing candlestick, suggesting the possibility of further price increases. Yet, it’s important to note that this current price point aligns with a resistance trend line that has been holding back prices since the minor bull rally in March.
If the price chart line’s resistance is successfully breached in a bullish manner, we can expect a powerful surge of up to 63% to reach approximately $0.185. This level appears to hold the next substantial barrier. Should Cronos continue to rise, it may aim for its previous record high near $0.98 and potentially surpass this as the market moves into the projected 2025 bull phase.
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2024-11-08 16:28