Ever since the Bitcoin price fell below $100,000, the crypto markets appear to have stumbled a bit. Now that the top gainers like Starknet and MYX Finance have kept the hopes of an altcoin rally alive, Cronos is trying its best to get on the list. The price is stuck in a steep downtrend, and therefore it would be interesting to see whether the current upswing will last long or turn out to be yet another fakeout.
Cronos’ stock is outperforming the market as ETF speculation surrounding Trump Media’s proposed ‘Crypto Blue Chip ETF’ resurfaces, suggesting a 5% CRO allocation. On the other hand, the ecosystem is growing as Cronos DeFi TVL marks new highs and its AWS partnership continues to drive developer activity.
With volume still relatively low and resistance near a key price range, the real test is whether CRO can sustain a break above $0.12. Furthermore, can it attract meaningful repeat purchases, or will this rebound fade without stronger conviction?
As seen in the chart above, the current breakout is believed to be forming another fake breakout as the rally gears up for a death cross. The 50/200 day MAs are heading for a bearish crossover, which could drag the levels towards the crucial support zone between $0.067 and $0.075. The bulls are currently holding the support at $0.11 and therefore a drop below $0.1 could trigger a drop in the support levels.
On the other hand, the RSI has shown a bearish divergence, but the MACD shows the possibility of a bullish crossover. Since the intensity is quite low and the buying pressure is below the required range, the bullish possibility could be negated.
Therefore, the Cronos (CRO) price rally is undoubtedly gaining momentum as it has sparked a recovery. However, if the token is looked at in a broader perspective, it has formed consecutive lower highs and lows, highlighting the bearish influence on the rally. Overall, sentiments surrounding the token are bullish, but traders should remain cautious and wait for a bullish confirmation that confirms the start of a strong recovery.
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