Cronos (CRO) is starting to attract growing demand after selling off in recent weeks. The coin appears to have a significant upside for more gains this week despite slowing investor sentiment in the market. CRO has now established a bullish setup with potential double-digit gains in the short term. Here are some crucial pointers:
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CRO has managed to overcome the crucial $0.202 resistance zone in the last 24 hours
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This could trigger a decisive break that will settle at $0.249
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CRO will however need to close above $0.173 today for this thesis to hold
Data Source: TradingView
Cronos price prediction and analysis
May hasn’t been good for CRO and its investors. The coin has fallen from its highs of $0.5 to below $0.2, a loss of around 60% in two weeks or so. But it is clear that the worse is over for now. We do not anticipate any major sell-offs for CRO in the days ahead.
If anything, the coin is likely going to consolidate above $0.2. This comes after CRO managed to turn this crucial resistance zone into support. If indeed CRO bulls are able to keep the price above $0.2 by the close of trading today, we will see a decisive run that takes the coin towards $0.249. This will represent a gain of around 20% from the current price.
However, downside risks still remain. If CRO fails to hold $0.2 and falls below $0.17, then this bullish setup will be invalidated. Instead, the coin could crash to $0.139 before its next run.
Should you buy CRO for the long term?
The short-term outlook for CRO is positive. But it also comes with significant downside risks. If you plan to profit from this coin, a long-term play is indeed worth it.
We expect CRO to return to $0.5 in the coming weeks and even surge further by the end of the year.