Cronos Price Prediction: CRO Surges 4% After Eminem Endorses Crypto.com

adminApril 30, 2024

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Kronos Price rapidly increase It is up more than 4% in the last 24 hours, trading at $0.1326 as of 7:15 a.m. EST, as investors participate in the CRO accumulation phase.

The recent increase in altcoin prices is Crypto.com It is the work of American rapper Marshall Mathers, who goes by the name Eminem. A recent commercial video featuring the rapper’s voice shows a man preparing for a fight.

At the end of the video, Crypto.com’s slogan ‘Fortune favorites the Brave’ appears on the screen, and cryptocurrency-related terms such as ‘Proof of Work’ also appear throughout the video.

You know it’s always been that way. #FFTB #After AD @cryptocom pic.twitter.com/XZ3Qf7TkkR
— Marshall Mathers (@Eminem) April 26, 2024

Cronos price forms a bullish price channel

OKX:CROUSDT chart image (courtesy of StevenWalgenbach)

CRO/USDT 4-hour chart (Source: TradingView)

After a series of highs and lows appeared on the 4-hour chart, a rising price channel formed on the CRO chart. Thanks to this strong momentum, Kronos The price is currently attempting to overcome the resistance level of $0.13340.

The altcoin overcome this threshold early in today’s trading session, but the subsequent decline has put selling pressure on the Cronos price. As a result, the cryptocurrency fell below $0.13340.

Maintaining a sustained position above this technical hurdle can be viewed as a long-term entry for traders. This will not only push the cryptocurrency to overcome a key resistance level, but also break out of the medium-term consolidation phase that the altcoin has been stuck in for the past few days.

This will give CRO the base they need to continue climbing over the next 48 hours. If this bullish theory is validated, Cronos price may attempt to turn the $0.13900 resistance into support before a possible near-term rise to $0.14680.

However, rejection of $0.13340 resistance over the next 12 hours could invalidate this bullish argument. In this more bearish scenario, Cronos price could break out of the aforementioned positive price channel shown on the cryptocurrency charts.

A break below this range would risk CRO retesting the $0.12755 support. If CRO falls into this safety net, continued selling pressure could send the altcoin plummeting to $0.12235.

Kronos price at risk of correction

Technical indicators on CRO’s 4-hour chart suggest that Cronos price will undergo a correction over the next 48 hours. Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are starting to show bearish signals.

CRO’s positive trend appears to be coming to an end, as evidenced by the MACD line collapsing towards the MACD signal line. Meanwhile, RSI is expected to cross below the simple moving average (SMA) line on the 4-hours chart.

When the RSI crosses below the SMA, it triggers a major bearish technical flag that signals that sellers have an advantage over buyers. A subsequent downtrend may push Cronos price lower.

The potential adjustment in CRO comes amid a broader market downturn. Over the last trading day, the overall cryptocurrency market cap fell by more than 2% to approximately $2.25 trillion. CoinMarketCap data It shows.

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