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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.
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