Why is the CRO Price Rising? Will Cronos Reach $1?
The post Why is the CRO Price Rising? Will Cronos Reach $1? appeared first on Coinpedia Fintech News
The crypto bull run is here! Bitcoin’s price smashed a new ATH above $89,000, which has heavily impacted altcoins like Cronos, which has surged over 90% in the past 24 hours. The rise of over 225% since the start of the month suggests the bulls have gained huge control over the rally, hence the possibility of reaching the ATH at $0.96 has emerged, probably before the end of 2024.
Cronos, earlier known as Crypto.com, is considered one of the most undervalued tokens that gained its initial levels before the 2021 bull run during the 2022–23 bear market. However, the rise in Q1 2024 helped the CRO price to squash a zero from its value, which successfully attracted huge liquidity to the platform. The volume surged and reached the 2021 bull run levels, suggesting a similar run could be underway.
Still, the question remains: Will Cronos reach $1 this bull run?
Cronos’s price failed to surpass the milestone at $1 during the previous bull run and as it dropped back to the levels it started then, the market participants remained perplexed. The CRO price has entered the initial threshold between $0.20 and $0.23, and a rise beyond the range is expected to bring the bulls back into action. Previously, the volume soared to the current levels a couple of times, but it failed to push the price above the bearish influence. However, the current rise in price and volume suggests the bears have no room to swell and hence the Cronos price could maintain a continued ascending trend ahead.
Secondly, the Ichimoku cloud displays an end of the selling pressure while the MACD displays a small rise in the buying pressure after a bullish crossover. However, the MACD levels remain within the negative range suggesting there could be more room for the token to swell. However, more buying volume is required to enter which could bring back the levels within the positive range that may elevate the range towards $0.338.
Now that the price has entered the top 25 range, a rise above this range may strengthen the bulls, who may push the Cronos (CRO) price towards the ATH and eventually beyond $1.