Cronos Price Prediction: How High Can CRO go?

 

Key Insights:

• The Cronos token currently has a market capitalisation of $3.3 billion. 
• CRO rallied 35% between June 18 and June 26.
• The daily simple and exponential moving averages are giving mostly buy signals.

CRO rose 10% last weekend and is currently up 2.04%, ranking 23rd in the list of cryptocurrencies worldwide by market capitalisation at $3.3 billion.

On July 18, the Cronos token successfully breached and retested the 8 and 21-day simple moving averages (SMA), showing the potential for further upside.

CRO is the ERC-20-compatible token that powers Crypto.com Pay, a service that allow users to pay for goods and services with cryptocurrency while receiving cashback rewards. The token, which gives users access to special rewards and discounts, underwent a rebrand in February this year to its current Cronos name.

Price Action

CRO started its journey on December 16, 2018 at $0.0153. Its price quickly rose to $0.03729 and in the following months, the token was trading in the $0.012-$0.024 range. CRO did not start gaining traction until March 2019 when it reached the $0.1 mark, but this momentum did not last as the token closed the year at $0.03358.

By the second half of 2020, the Crypto.com coin reached the $0.2 level but dropped to a low of $0.06 by the end of the year. 2021 proved to be a better year for CRO as it achieved its all-time high (ATH) price of $0.9698 on November 24 following listings on Coinbase Pro and Bitrue.

Despite opening this year at $0.5575, CRO is currently 86% below its all-time high price.

CRO’s price recently ascended in a wedge-like formation which means it could move in a different direction and break the support line. If a strong recovery takes place, an attempt at the $0.1320 price zone could result in an additional 20% gain for CRO, targeting $0.1575. However, this possibility would be invalidated if the bottom end of the trend line breaches at $0.12.

On July 10, CRO struggled to move past the $0.122 barrier but prior to this, between June 18 and June 26, the coin had rallied 35% before plummeting to $0.11 by the end of the month. Its price then consolidated, reaching $0.1258 on July 8.

However, this rally was short-lived and CRO retreated to $0.1086 on July 13. From this point on, the Cronos token has stayed within the $0.11-$0.12 range until today when it climbed to $0.131258.