Further increase or a move south: what’s next for CRO?
The cryptocurrency market is another sea of red today (August 14), with Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and many more posting losses.
However, Cronos (CRO) has defied the ongoing pullback, and some analysts believe its price could pump even higher if it clears key levels.
Turbulent Days
The last several days have been quite eventful for CRO, which experienced severe volatility. Earlier this month, Trump Media (the entity behind Truth Social) withdrew its intentions to ink an ETF deal with Crypto.com and backed off its plans to accumulate $6.4 billion in CRO.
The token reacted negatively to the news, tumbling to around $0.046, its lowest level in the past three years. It spent the next few days trading below $0.05 before bulls finally reclaimed that mark (albeit briefly) earlier today. As of this writing, CRO trades at around $0.048 (per CoinGecko), representing a 5% daily increase.
The most likely catalyst for the resurgence appears to be Ryan Wyatt’s announcement. The CEO of Cronos App revealed that next month the platform “goes global to everyone” on iOS and Android. He said that users can access sports, stocks, crypto, and perps, and that they are “just getting started.”
“More to share in the future: plans for CRO, sharing future feature rollouts, a desktop version of Cronos, and more,” he added.
Analyst Crypto With Gopal claimed that the price has formed a double bottom after retesting the $0.046 support zone twice, with buyers defending that zone and building a potential reversal base.
“The key confirmation is a breakout above $0.050 resistance. A confirmed breakout could open the way toward the chart’s $0.055 target. Market sentiment: Bullish setup – $0.050 breakout is the trigger,” he concluded.
Maintain Realistic Expectations
Wyatt’s disclosure has indeed triggered a clear price increase in CRO, yet it is unlikely to cause a sustainable rally. The excitement may soon fade, and sellers could retake the helm, while the persistent bear market isn’t helping either.
Another negative factor is CRO’s Relative Strength Index (RSI), which has risen to around 74. This suggests the asset has entered overbought territory and could be gearing up for a short-term pullback. The technical analysis tool ranges from 0 to 100 where anything below 30 is usually viewed as a buying opportunity.
