Cronos (CRO) is showing renewed strength in the market, currently trading at $0.12555. The token has maintained a consistent uptrend throughout July, fueled by strong technical support and growing trader interest.
Cronos technicals signal further upside ahead
CRO recently broke above the 200-day EMA, with the 20, 50, and 100 EMAs forming a bullish alignment. This indicates strong underlying momentum and sets the stage for potential further gains.
Technical indicators reinforce the bullish sentiment. The Relative Strength Index (RSI) has surged to 82.78, moving into overbought territory. While this reflects strong buying pressure, it also suggests a possible short-term correction.
The MACD continues to trend positively, with the MACD line remaining above the signal line, supporting the case for sustained upside.
On-chain data confirms bullish momentum
On-chain and derivatives data support the bullish trend. CRO’s trading volume increased by 21.64% to reach $37.06 million, highlighting growing market activity. Meanwhile, open interest climbed by 5.22% to $44.47 million, signaling increased participation in futures markets.
The OI-weighted funding rate is currently at 0.0220%, indicating that long traders are paying a modest premium, but not yet at overheated levels.
CRO correction possible, but trend still bullish
Looking ahead, CRO faces immediate resistance around the $0.13 mark. A successful breakout above this level could pave the way toward the $0.14 to $0.15 range.
On the downside, key support is seen at $0.10922 near the 200-day EMA, with further backing at $0.10 if needed. While the RSI suggests that a short-term cooldown is possible, the broader trend remains bullish as long as CRO holds above critical support levels.