Cronos (CRO) Gains Support Above an Important Technical Level

As the Bitcoin market continues to rise, other altcoins, such as Cronos (CRO), are also gaining bullish momentum. Consequently, CRO now ranks as the second most profitable token at the time of writing. Additionally, price action is currently standing above a key technical level that may support further upward movement.

CRO Statistics

Current Price: $0.08589

Market Capitalization: $2.34B

Circulating Supply: 30B

Total Supply: 26.57B

CoinMarketCap Rank: 42

Key Price Levels:

Resistance: $0.09000, $0.09500, $0.1000

Support: $0.08500, $0.08000, $0.07500

Cronos Stays Promising Above the 20-Day MA Lines

Price action in the CRO/USDT daily market has been rising for the second consecutive session. The most recent price candle is positioned just above the 20-day Moving Average (MA), while the other MA lines lie above the last price candle.

Meanwhile, the Stochastic RSI lines have been moving upward into the overbought region. The indicator’s terminal is now advancing upward following a previous deflection toward a bearish crossover.

While this suggests that the upward retracement may continue, it is important to note that price activity has already risen significantly past the 70 level on the indicator, which could signal potential overbought conditions.

CRO Maintains a Generally Bright Outlook

The outlook for the 4-hour Cronos market remains positive. This assessment is based on the fact that price action has risen above most of the MA lines on this chart. The previous session tested the $0.09000 resistance level but subsequently retreated.

The ongoing session appears bearish, as indicated by a red price candle. The market appears tense, given the structure of the current price action. Nevertheless, the market is more likely to proceed toward a short-term target around the $0.09500 price level.

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