Story Highlights
With trading volume surging to over $1 billion, Cronos's price has skyrocketed nearly 100% in a very short time, sending a massive bullish signal for cryptocurrencies.
With the increase in strength, the rise in CRO prices is expected to replicate the momentum of BNB's price increase in 2021, when the price soared from $40 to $646.
The cryptocurrency bull market is here! Bitcoin’s price has set a new high above $89,000, which has had a significant impact on altcoins like Cronos, soaring over 90% in the last 24 hours. An increase of over 225% since the beginning of this month indicates that the bulls have gained substantial control over the rally, making it possible to reach a peak of $0.96, potentially before the end of 2024.
Cronos, formerly known as Crypto.com, is considered one of the most undervalued tokens, having gained its initial level before the 2021 bull market during the bear market of 2022-23. However, the rise in the first quarter of 2024 helped the CRO price recover from its value, successfully attracting a large amount of liquidity to the platform. The surge in trading volume has returned to the levels of the 2021 bull market, indicating that a similar bull market may be underway.
However, the question remains: Will Cronos reach $1 in this bull market?
The price of Cronos failed to break through the $1 barrier during the last bull market, and when it fell back to those levels, market participants remained confused. The CRO price has entered the initial threshold between $0.20 and $0.23, and an increase beyond this range is expected to encourage the bulls to take action again. Previously, trading volume surged several times to the current level but failed to push the price above bearish influence. However, the current increase in price and volume indicates that the bears have no upward space, suggesting that Cronos prices may maintain a sustained upward trend.
Secondly, the Ichimoku cloud shows that selling pressure has ended, while the MACD indicates a slight increase in buying pressure after a bullish crossover. However, the MACD levels remain in negative territory, suggesting that the token may have greater upward potential. However, more buying volume is needed to enter, which could pull the level back into positive territory and potentially push the range up to $0.338.
Now that the price has entered the top 25 range, a breakthrough in this range could strengthen the bulls' power, potentially pushing the price of Cronos (CRO) towards ATH and ultimately breaking through $1.
