Cronos (CRO) has recently broken out from a prolonged falling wedge pattern it has been trading within since reaching its year-to-date high of $0.18 on March 5.
BeInCrypto’s technical analysis suggests that this breakout could drive a significant short-term CRO price rally, potentially yielding double-digit gains.
Cronos Stages Breakout
A falling wedge pattern is formed when the price of an asset moves within two downward-sloping trend lines. Here, the upper trend line functions as resistance, while the lower trend line provides support.
As with CRO, when an asset breaks above the upper trend line of a falling wedge, it signals a potential reversal of a downtrend. This breakout indicates that buyers are gaining strength over sellers, suggesting the price may be set for an upward trend.
Read More: Cronos (CRO) Price Prediction 2024/2025/2030
Notably, the setup of Cronos’ moving average convergence/divergence (MACD) indicator confirms the rising buying pressure in the market. As of this writing, CRO’s MACD line (blue) rests above its signal line (orange) and is poised to cross the zero line.
This indicator tracks an asset’s trend direction, shifts, and potential price reversal points. When the MACD line is above the signal line, it suggests that the asset’s short-term momentum is stronger than its long-term momentum.
It indicates a potential upward trend in the asset’s price. When it eventually crosses above the zero line, it confirms a bullish trend. Traders view this as a strong buying signal, as it suggests that the price is likely to continue moving upwards.
CRO Price Prediction: 31% Hike on the Horizon
CRO currently trades at $0.08. A successful retest of the breakout line will propel its price to rally by 31% toward $0.61. The altcoin last traded at this price high in August.
Read More: Cronos (CRO): A Complete Guide to What It Is and How It Works
However, if the upper trend line of the falling wedge fails to provide support upon retest, the projection CRO price rally may be invalidated, and the altcoin may fall toward $0.06.
Disclaimer
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