- CRO has broken out of a four-month range on high trading volume.
- The liquidation heatmap offered clues for buyers looking to enter long positions.
As a seasoned researcher who has seen my fair share of market fluctuations, I find the recent performance of Cronos (CRO) particularly intriguing. The 230% surge within a week before the retracement was reminiscent of a rollercoaster ride, but with a more enticing bullish outlook. The potential targets of $0.27 and $0.33 are certainly attractive, if one is willing to take on the risk.
Over the last fortnight, Cronos [CRO] experienced significant growth. In just one week, it surged by an impressive 230%, but then underwent a pullback. This swift surge suggests robust optimism among investors. Potential bullish objectives for the price lie at approximately $0.27 and $0.33 in the near future.
Based on the liquidation heatmap, it appears the Cronos price might experience a short-term dip of 15% to 18% from its current market value. The question is whether investors should consider re-entering the market in the upcoming days or if this correction will conclude without a more significant decrease.
CRO down 28% from local highs
A set of Fibonacci retracement levels was plotted based on the November move from $0.0705 to $0.2329. The trading volume was at 2.7 million CRO on the 5th of November, and it soared to 50.27 million CRO on the 6th of November.
On November 11th, I observed a significant surge in the daily trading volume of CRO, amounting to 308.16 million on Coinbase specifically. This spike in activity coincided with the impressive growth the Cronos network token was experiencing at that time.
Over the past few months since March, Cronos cryptocurrency has experienced a continuous decline. However, it started forming a price range around July and August. The recent surge in its value can be attributed to the bottom of this range, which is indicated by the purple markings.
The drop from $0.2329 occurred under strong selling force, and the On-Balance Volume (OBV) hasn’t managed to increase significantly.
There’s a chance Cronos could experience a significant drop, potentially reaching around $0.132 or even $0.105. If it does, this downturn might offer a good purchasing point.
Cronos price prediction- 16% price dip ahead
Analysis conducted by AMBCrypto reveals that the liquidation map from the last month offers useful insights regarding potential support and resistance levels for CRO. Notably, the areas around $0.142 and $0.2 demonstrated concentrations of liquidation points likely to influence the price movement.
Read Cronos’ [CRO] Price Prediction 2024-25
Specifically, it’s anticipated that a shift towards $0.142 could potentially bounce back, as CRO has just burst through a four-month price bandwidth with significant trading activity. It seems much more probable for further growth rather than a reversal to its previous price range.
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2024-11-19 22:15