In the cryptocurrency market, the past two weeks have seen a sharp correction following the bullish rally that began in early November. Bitcoin (BTC) has retreated from its recent all-time high of $108K to its current price of $94K. This downturn has affected many altcoins, including Cronos (CRO), which is down 16% on a monthly basis, trimming its impressive 60-day gains to 96%.

Source: Coinmarketcap

Holding Key Support

In early November, Cronos (CRO) experienced a meteoric rise, surging from $0.07 to a high of $0.23 in just a few weeks. This 200% rally was fueled by the announcement of an ambitious roadmap and its partnership with Google Cloud, which sparked great excitement in the market.

However, after this incredible rally, CRO entered a healthy correction phase that saw its price fall back to the critical support zone of $0.14 to $0.1511. At the time of writing, CRO was trading close to the midpoint of this range at $0.1484, showing the resilience of this support level.

Cronos (CRO) 4H Chart / Coinsprobe

The MACD indicator, while currently in negative territory, is showing early signs of a potential bullish crossover. Meanwhile, the RSI is rebounding from oversold territory, hinting at a possible recovery. These indicators suggest that CRO could be preparing for a reversal, with a possible descending triangle pattern further adding credence to this scenario.

If CRO manages to hold support at this level, it could rally to its recent high of $0.23, which would represent a potential 55% gain from its current price. Such a move would be in line with broader market optimism as altcoins attempt to regain momentum alongside Bitcoin’s recovery.

While the likelihood of a break below this critical support level appears low, traders should remain cautious. Failure to hold this support level could result in a sharp decline and a possible return to lower levels of $0.10 or higher.

【Disclaimer】The market is risky, so be cautious when investing. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions in this article are suitable for their specific circumstances. Investing based on this is at your own risk.