Ever since the Bitcoin price broke below $100K, the crypto markets appear to have stumbled a little. With the top gainers like Starknet & MYX Finance having kept the hopes of an altcoin rally, Cronos price is attempting hard to enter the list. The price is stuck within a steep descending trend, and hence, it would be interesting to see whether the current rebound will last long or turn out to be another fakeout.
Cronos price is outperforming the market as ETF speculation resurfaced around Trump Media’s proposed ‘Crypto Blue Chip ETF,’ which indicates a 5% CRO allocation. On the other hand, the ecosystem is growing as Cronos DeFi TVL marked new highs and its AWS partnership continues to drive developer activity.
With the volume still relatively light and resistance lying near an important price range, the real test is whether CRO can sustain a break above $0.12. Besides, can it attract meaningful follow-through buying, or will this bounce fade without stronger conviction?
As seen in the above chart, the current breakout is believed to form another fakeout as the rally is gearing up for a death cross. The 50/200 day MAs are heading for a bearish crossover, which could drag the levels towards the pivotal support zone between $0.067 and $0.075. The bulls are currently holding the support at $0.11 and hence a drop below $0.1 could trigger a drop to the support levels.
On the other hand, the RSI has displayed a bearish divergence, but the MACD is displaying the possibility of a bullish crossover. As the intensity is pretty low, as the buying pressure is below the required range, the bullish possibility could be nullified.
Therefore, no doubt the Cronos (CRO) price rally is gaining some strength as it has triggered a rebound. However, if seen in a wider perspective, the token has been forming consecutive lower highs and lows, highlighting the bearish influence over the rally. Overall the sentiments around the token is bullish but the traders are required to remain cautious and wait for a bullish confirmation to certify the beginning of a strong recovery.
