CRO Sees $22.6M Exchange Outflow, Traders Eye 80% Rally
CRO, the native token of the Cronos blockchain, has been making waves in the ongoing bull market as whales have shown strong interest and confidence in the token. After experiencing a massive 150% upward momentum, CRO appears to be consolidating within a tight range and forming a bullish price action pattern on the daily time frame.
CRO technical analysis and subsequent levels
According to expert technical analysis, CRO has formed a bullish pennant price action pattern on the daily chart and is on the verge of a breakout. Based on recent price action and historical momentum, if CRO breaks out and closes the daily candle above $0.20, it has a good chance of surging 80% to $0.35 levels in the coming days.
On the positive side, CRO’s Relative Strength Index (RSI) suggests that the altcoin still has room to rise in the coming days, currently sitting at 60, which is below the overbought level of 70.
Bullish on-chain indicators
On-chain analytics company coin glass Reports claim that whales, institutions, and retailers have shown strong interest in altcoins as cryptocurrency exchanges have seen significant outflows. According to CRO spot inflow/outflow data, the exchange recorded a massive outflow of $22.64 million in CRO tokens.
This significant outflow indicates that whales and institutions have withdrawn these coins from exchanges to their wallets, which is considered a bullish sign. Additionally, it indicates a potential buying opportunity and hints at a possible upward rebound in the coming days.
In addition to the participation of whales, derivatives traders have also shown strong interest in CRO, Coinglass reported. In the past 24 hours, CRO’s holdings surged by 13.15%, indicating an increase in new holdings. This growing open interest shows that traders have strong faith and confidence in the altcoin amid a bullish price action pattern.
Current Price Momentum
At press time, CRO was trading close to $0.1842, with a gain of 4.10% in the past 24 hours. During the same period, its trading volume surged by 50%, indicating increased participation from traders and investors compared to previous days.
