31 May 2023 02:16, UTC
Reading time: ~3 m
- 1 Cronos price is currently trading at $0.0609 while observing an increase of +0.83% during the intraday session.
- 2 CRO price trades below 20,50,100 and 200-Day EMAs.
- 3 The year to date return of Cronos is 9.34% while three-month return is -22.02%.
The bullish rally for Cronos price began at the starting of 2023 as CRO price gained bullish momentum from the low of $0.0548. The rally led to formation of a high at $0.0935 level on February 21. CRO price then corrected the move and bears pushed price down to $0.062 level.
The cryptocurrency price again gained bullish momentum for retesting the annual high but the move was halted at $0.08 level. The rejection caused a melt down in the price and Price formed support at $0.0615 level.
Recently, CRO price shattered the support of $0.0615 which held it twice. The price has formed a recent support at $0.059 level after the breakout started to gain bullish momentum and retested the price zone. If bulls can push price back into previous consolidation by rising above $0.0615, there is probability for the price to head toward $0.0665.
This move can cause a rise of roughly 8% in the price. While on the other hand, if bearish momentum strikes the market, Cro price may fall to the recent support of $0.059. If the recent support gets wrecked, Cro price will head toward yearly low and lose all of its gains.
Cronos Launched Second Cohort of Accelerators Program
Cronos launched its second cohort of accelerator programs with a $100 Million investment. This cohort will majorly focus on AI and blockchain projects. The program mission is to help and support early stage crypto currency projects by offering funding opportunities and mentorship.
Cronos has handpicked projects which includes Omnus, DeMe, Furrend, Solace, Sakaba, Eisen Finance, Earn Network, and CorgiAI. All of these projects received seed funding of $30,000 and will go for a 12-week program.
Cronos has also partnered with Amazon web services (AWS) to provide AI-related workshops and mentorship sessions to the projects participating in the second cohort.
Will CRO Price Rise Above $0.0615 level?
Source: CRO/USDT by TradingView.
Chaikin money flow score is 0.03 indicating mild strength in the market. CRO price trades below 20,50,100 and 200-day EMA indicating strong bearish momentum in the price. The RSI almost reached near the 30 mark but did not dip. RSI is currently trading at 37.83 and is consolidating below the 40 mark indicating bearish sentiment still prevails in the market. The long/short ratio is 1.02 with 50.55% longs and 49.45% shorts indicating increased participation of buyers in the last 24 hours.
The market structure and price action is bearish as of now. Price did gain bearish momentum in the price week but it was not sustainable. The technical indicators are favouring the selling side as the previous candle closed as a strong bearish candle.
Major support: $0.059 and $0.055
Major resistance: $0.0665 and $0.08
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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