- CRO has been in a 3-hour positive rally.
- CRO’s price is currently up 13.14% over the last hour.
- The altcoin’s price has been able to break above the resistance level at $0.0634.
The price of Cronos (TSX:CRON) (CRO) has been in a 3-hour positive rally according to the crypto market tracking website, CoinMarketCap. This has boosted its price from an opening of $0.0584 to its current price at around $0.0699 at press time.
CRO’s price is currently up 13.14% over the last hour, and is up 2.90% over the last 24 hours. With a market cap of approximately $1.98 billion, CRO is ranked number 29 on CoinMarketCap’s list of the biggest cryptos in terms of market cap.
CRO’s latest price movement has triggered a bullish flag as the hourly 9 EMA line has just crossed above the longer 20 EMA line. This crossing of the two EMAs is the second bullish flag that has triggered on CRO’s daily chart as the RSI line crossed above the RSI SMA line yesterday around 18h00 (GMT + 2).
The RSI line is now sloped positively towards overbought territory, which suggests a continuation of this bullish move.
Hourly chart for CRO/USDT (Source: CoinMarketCap)
CRO’s price has been able to break above the resistance level at $0.0634 to flip it into a support level. In doing so, the next target for CRO’s price will be $0.0777, which is the next major resistance level.
The two bullish flags present on CRO’s hourly chart suggests that this move will occur. However, investors and traders should brace for a slight retracement at the current level as take-profit trades are triggered. This will temporarily bring CRO’s price down to possibly retest the support at $0.0634 before another leg up.
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