CRO, the native token of the Cronos blockchain, has been gaining significant attention during the ongoing bull run, with whales showing a strong interest and confidence in the token. The token has seen a remarkable 150% upward momentum and is now consolidating within a tight range, forming a bullish price action pattern on the daily timeframe.
Technical analysis experts suggest that CRO has formed a bullish pennant price action pattern on the daily timeframe and is on the cusp of a breakout. If CRO manages to breach and close a daily candle above the $0.20 level, there is a high probability that it could surge by 80% to reach the $0.35 level in the near future.
On the positive side, the Relative Strength Index (RSI) for CRO indicates that the altcoin still has room to rise as it currently stands at 60, below the overbought level of 70.
In terms of on-chain metrics, Coinglass, an on-chain analytics firm, reported that whales, institutions, and retailers have been showing significant interest in CRO. Cryptocurrency exchanges have witnessed notable outflows, with a total outflow of $22.64 million in CRO tokens. This suggests that whales and institutions have been moving their tokens from exchanges to their wallets, which is typically seen as a bullish sign. It also signifies a potential buying opportunity and hints at a potential upside rally in the days ahead.
Furthermore, derivative traders have also shown a strong interest in CRO, as evidenced by a 13.15% increase in open interest over the past 24 hours. This surge in open interest indicates a growing number of new open positions, highlighting traders’ confidence in the altcoin amidst its bullish price action pattern.
As of the latest update, CRO is currently trading near $0.1842, experiencing a 4.10% upside momentum in the last 24 hours. The trading volume has also surged by 50%, indicating increased participation from traders and investors compared to previous days.
Overall, with strong technical indicators, bullish on-chain metrics, and growing trader interest, CRO appears to be well-positioned for further upside potential in the near term. Investors and traders will be closely monitoring the price action for a potential breakout above the key resistance level.