Key Insights:
- Cronos (CRO) shows strong bullish signals, with a potential 100% upside rally on the horizon.
- A whale transferred 525 million CRO coins worth $51.40 million from Crypto.com, indicating strong interest in the asset.
- The CRO coin price appears bullish as it has recently broken out from a prolonged descending trendline.
After recent corrections across the crypto landscape, the CRO coin price appears to be hovering within a tight range following its recent breakout. The bullish price action and the conclusion of the correction phase indicate that CRO is on the verge of a massive upside momentum.
Whale Transfers 525 Million CRO to Wallet, Rally Imminent?
Amid this bullish outlook, blockchain-based transaction tracker Whale Alert posted on X (formerly Twitter), revealing that an unknown wallet potentially belonging to the same whale received 525 million CRO coins worth $51.40 million from CryptoCom in two separate transactions.
On X, Whale Alert posted two separate transactions, revealing the transfer of 265 million CRO (worth $25.81 million) and 260 million CRO (worth $25.58 million) from Crypto.com to an unknown wallet.
This substantial transfer of CRO coins from the exchange indicates potential accumulation by a whale following the successful breakout of the descending trendline.
At press time, the CRO coin was trading near $0.1032 and had recorded a price surge of 2.50% over the past 24 hours. During the same period, traders and investors showed increased interest in the asset, resulting in an 11% surge in trading volume.
Cronos (CRO) Price Action and Technical Analysis
According to expert technical analysis, the CRO coin appears bullish and is poised for a massive upside rally.
On the daily time frame, the asset has recently broken out from a prolonged descending trendline, successfully retested the breakout area, and now appears to be consolidating within a tight range. This ongoing consolidation began as market sentiment entered a correction phase.
CRO Coin Price Prediction
Based on recent price action and historical patterns, if the CRO coin price breaks out of the consolidation and closes a daily candle above the $0.1055 mark, it could pave the way for an upside rally.
There is a strong possibility that the asset could see a price surge of over 100% in the coming days. However, before a significant rally occurs, a few resistance levels that could pose hurdles are $0.125 and $0.17.
If these hurdles are broken in the coming days during the upside momentum, the CRO coin price may reach the $0.20 level.
As of now, CRO’s Relative Strength Index (RSI) stands at 62, indicating that it is nearing the overbought territory but still has enough room to rise in the coming days.
Bullish On-Chain Metrics
With the ongoing consolidation following the trendline breakout, investors and traders have shown strong interest in the asset, as reported by the on-chain analytics firm Coinglass.
Data from spot inflow/outflow shows that exchanges across the crypto landscape have witnessed a continuous outflow of CRO coins over the past three days. During this period, exchanges recorded an outflow of $554K worth of CRO.
Such an outflow during current market conditions suggests potential accumulation by investors and long-term holders, which could create buying pressure and support a further upside rally.
$1.15 Million Worth of Bullish Bets
Traders have been found to be strongly betting on the bullish side for the past seven days. Data reveals that they are overleveraged at the $0.094 level on the lower side (support) and $0.105 on the upper side (resistance). At these levels, they have built $1.15 million worth of long positions and $561K worth of short positions.
When combining these on-chain metrics, it appears that bulls are currently dominating the asset and pushing its price higher.