Bulls in CRO Attempt to Push Past Monthly High of $0.08299

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• Price of CRO surges to a new monthly high of $0.08299 on buying pressure.
• Indicators point to more price appreciation in the near future.
• Presently, the $0.07323 level is providing support in the CRO market.

Cronos (CRO), the native token of the Crypto.com cryptocurrency exchange, has reached a monthly high of $0.08299 in the last 24 hours, amid worries that the site is collapsing after a statement on Friday that it is laying off 20% of its workers. Bulls managed to value the CRO price at $0.08024 during this spike, a 9.56% increase as of press time.

As a consequence of the positive momentum in the CRO market, market capitalization and 24-hour trading volume surged by 9.07% to $2,022,391,439 and 148.48% to $82,299,184, highlighting the rising market interest.

CRO/USD 24-hour price chart (source: CoinMarketCap)

If the positive trend in the Cronos market continues, the monthly high (resistance) of $0.08299 may be broken. This move may cause the CRO price to rise, resulting in a burst of liquidity for Cronos as investors gain confidence in the asset’s performance.

Additionally, If this bull run continues, the next resistance level might be $0.08500, followed by a more significant level of $0.09000. If the bears regain control, the market may retrace to the $0.07323 support level, with resistance levels of $0.07650, $0.07400, and $0.07000 possible in between.

The bullish candle on the CRO 1-hour chart seems ready to break out of its current consolidation as a green candlestick is building on the chart. This might signal further positive momentum for CRO in the next session.

CRO/USD 1-hour price chart (source: TradingView)

The MACD blue line, with a rating of 0.0017, adds to this bullish movement by moving above its signal line. This optimistic momentum is supported further by the trend of the histogram in the positive territory, indicating that bulls have the dominant position in the market.

Bollinger Bands are widening, with the upper band at $0.0827 and the lower band at $0.707, indicating that market volatility in the CRO market is increasing. This motion raises the odds of a breakout, giving traders hope for a lengthy bull run. The price action trajectory toward the upper band reinforces this concept, implying that purchasing demand is outweighing selling pressure.

CRO/USD 1-hour price chart (source: TradingView)

In the last 24 hours, Cronos (CRO) reached a new monthly high of $0.08299, and technical indicators point to a speculative market.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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