Cronos (CRO) has started July positively, with a 6% price increase in the first week. On-chain data reveals a bullish momentum building up among the Cronos whales. Do they have enough in the tank to trigger a full-on CRO price breakout?
After making massive sell-offs in June, Cronos whales seem to be regaining some confidence. Can they inspire other CRO investors to become bullish themselves?
Crono Whales Are Regaining Confidence
Cronos whales holding balances of 1 million to 10 million coins have been in a sell-off mode since June 9. But that bearish momentum switched around July 2, according to the CRO Supply Distribution data compiled by Santiment.
As shown below, the whales sold off 30 million CRO between June 9 and July 2. However, as CRO began to show early breakout signs, the whales started buying again. Since July 2, the price-savvy whales have acquired 10 million coins.
Monitoring real-time changes in whale wallet balances indicates the trading sentiment among large institutional investors.
Historically, the trading activity of this specific cluster of CRO whales holding 1 million to 10 million coins has been closely correlated to price. Hence, if their current buying trend evolves into an accumulation frenzy, CRO could soon break above $0.06.
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The Bulls are Seizing Control of the Media Narrative
Furthermore, Cronos’s ecosystem has grown significantly more optimistic this week. This poses another critical indicator of an impending CRO price breakout.
The chart below illustrates that CRO Weighted Sentiment has improved by 22% from -0.83 to -0.68 over the past week.
Weighted Sentiment evaluates the level of optimism within the Cronos ecosystem by comparing the number of positive social media comments to the negatives.
As shown above, there has been a significant increase in positive comments surrounding CRO this week. And considering that the Weighted Sentiment still sits below zero, it signals more room for growth before the CRO price hits the market top.
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CRO Price Prediction: $0.065 on the Horizon
According to the In/Out of the Money Around Price (IOMAP) data, a Cronos price breakout toward $0.065 is a viable prediction.
But first, the bulls will have the initial resistance at $0.061 to contend with. At this zone, 2.100 investors that bought 29,520 CRO coins at the average price of $0.061 could trigger a reversal.
However, if the bulls seize the media narrative as predicted, CRO could hit the $0.065 price target.
Still, there’s a chance that the bears could regain control if CRO fails to clear the $0.061 resistance. However, Crono’s price will find its initial at the $0.055 range. At that zone, 787 investors that bought 21.83 million CRO coins at the average price of $0.055 could trigger a rebound.
But if that support level cannot hold, the Cronos bearish reversal could reach $0.048.
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