Cronos (CRO) Set to Hit a Price Level Last Seen Twenty Months Ago

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RESULTS

After price action in the Cronos daily market was able to sustain trading above the $0.1400 mark (a multi-month resistance), the market has again picked a target at a higher but nearby resistance. Let’s examine the chances of price action surpassing that mark, as it may open the door for more upside corrections.

CRO Statistics:
Current Cronos Value: $0.1557
CRO Market Cap: $4.15 billion
Cronos Circulating Supply: 26.57 billion
CRO Total Supply: 30 billion
Cronos CoinMarketCap Rank: 13

Key Price Levels:
Resistance: $0.1560, $0.1600, and $0.1700
Support: $0.1500, $0.1400, and $0.1300

Cronos Market Climbs Towards the $0.1600 Mark

During the past two sessions in the CRO daily market, price action tested the support at the $0.1400 mark. It could be seen that the market rebounded upwards in the following session, and the ongoing session has continued the upside correction with heightened vigor.

At this point, the market now trades clearly above the Guppy Multiple Moving Average (GMMA) lines. Also, Stochastic Relative Strength Index (SRSI) lines are rising sharply upward. Additionally, the size of the last price candle on this chart shows that buying activities are at a significant level in the market. Consequently, all these favor a continued price increase in this market.

CRO Maintains a Promising Outlook

Price action in the Cronos 4-hour market maintains a consistent leap off the support formed by the upside-sloping trend line. The last price candle on this chart keeps the coin trading at a significant distance above the GMMA indicator lines. The SRSI indicator lines can still be seen to have an upward bearing. However, one can notice a minor deflection in its leading line.

Nevertheless, there haven’t been many signs of a downward correction in the 4-hour market. Therefore, market participants can still anticipate the market hitting the $0.1600 mark.

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