Join Our Telegram channel to stay up to date on breaking news coverage
The Cronos price surged over 4% in the last 24 hours to trade at $0.1326 as of 7:15 a.m. EST as investors engage in a CRO accumulation phase.
This recent increase in the altcoin’s price follows the endorsement of Crypto.com by American rapper Marshall Mathers, who goes by the name Eminem. In a recent commercial video that included a voice over by the rapper, a man can be seen preparing for a fight.
At the end of the video, Crypto.com’s slogan, “Fortune favors the brave,” appears on screen, with crypto-related terms such as “proof of work” also shown throughout the video.
You know what it’s always been. #FFTB #Ad @cryptocom pic.twitter.com/XZ3Qf7TkkR
— Marshall Mathers (@Eminem) April 26, 2024
The Cronos Price Forms A Bullish Price Channel
4-hour chart for CRO/USDT (Source: TradingView)
After printing a series of higher highs and higher lows on the 4-hour chart, an ascending price channel has formed on CRO’s charts. With the support of this bullish momentum, the Cronos price is now attempting to overcome the resistance level at $0.13340.
The altcoin did manage to overcome this threshold earlier in today’s trading session, but bears have since been exerting sell pressure on the Cronos price. As a result, the crypto has dipped back below the $0.13340 mark.
A sustained position above this technical obstacle could be seen as a long entry by traders. Not only will this result in the crypto overcoming a key resistance level, it will also place the altcoin outside of the medium-term consolidation phase it has been stuck in over the past few days.
CRO could therefore have the foundation needed to keep climbing in the following 48 hours. Should this bullish thesis be validated, the Cronos price might attempt to flip the $0.13900 resistance into support before potentially rising to as high as $0.14680 in the short term.
However, a rejection from the $0.13340 resistance in the next 12 hours could invalidate this bullish thesis. In this more bearish scenario, the Cronos price might fall out of the aforementioned positive price channel that has emerged on the crypto’s charts.
Breaking out below this range could then put CRO at risk of retesting the $0.12755 support. Continued sell pressure should CRO drop to this safety net might result in the altcoin plummeting to as low as $0.12235.
The Cronos Price At Risk Of Correcting
Technical indicators on CRO’s 4-hour chart suggest the Cronos price will undergo a correction in the upcoming 48 hours. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are starting to show bearish signs.
CRO’s positive trend seems to be coming to an end, as indicated by the MACD line that is collapsing towards the MACD Signal line. Meanwhile, the RSI is looking to cross below its Simple Moving Average (SMA) line on the 4-hour chart.
Should the RSI cross below the SMA, it will trigger a major bearish technical flag to signal that sellers have gained the upper hand against buyers. Bears might subsequently pull the Cronos price down.
CRO’s potential correction comes amid a broader market downturn. During the past day of trading, the collective crypto market cap has dropped more than 2% to around $2.25 trillion, CoinMarketCap data shows.
Periods such as these are often seen as opportunities to buy the dip, as investors anticipate a quick market rebound. That might also make it a good time to consider buying new presale eTukTuk.
Sustainable Transportation Backed By AI And Blockchain Technology
eTukTuk is combining AI and blockchain technology to tackle the globe’s carbon emissions head on. With a focus on the transportation industry, the project is uniquely placed to revamp the way people in developing countries move.
1/ As our world races ahead, personal vehicles surge, bringing environmental challenges. But there's hope! 🚗❌
Today, we explore cities championing eco-friendly public transport.
Buckle up! 🌿 pic.twitter.com/joRizVjYRh
— eTukTuk (@eTukTukio) February 7, 2024
At the core of eTukTuk’s ambitious plan is an innovative electric TukTuk. These mini taxis are a popular mode of transport in highly-populated countries such as Bangladesh and Pakistan.
By creating a solution that is tailored to citizens in these third-world countries, eTukTuk appeals to a larger number of people while simultaneously gaining access to a large potential pool of investors.
A Potential 10X Opportunity
eTukTuk’s native TUK token will act as a utility token within the green AI ecosystem. In addition to allowing users to transact seamlessly on-chain and within the eTukTuk environment, the token will also provide mini-taxi operators who have tight profit margins with some much-needed relief.
TUK’s unprecedented levels of utility combined with the large potential user base in developing countries could have a major impact on the crypto’s price. As the ecosystem grows, TUK has the potential to surge 10X after launch, says crypto analyst Jacob Bury.
eTukTuk can be purchased and staked here for an 86% annual yield.
Related Articles:
- Best Altcoins to Invest In: Unveiling Top Picks for Maximum Returns!
- Hong Kong Spot Bitcoin And Ethereum ETFs Chalk Up $6.3M In Volume During Debut Morning Session
- Next Cryptocurrency To Explode Tuesday, April 30 — Pepe, Avalanche, Toncoin, Wormhole
Newest Meme Coin ICO - Wall Street Pepe
- Audited By Coinsult
- Early Access Presale Round
- Private Trading Alpha For $WEPE Army
- Staking Pool - High Dynamic APY
Join Our Telegram channel to stay up to date on breaking news coverage
