Cronos Surges 5% Past $0.0975 Resistance, Eyes $0.1 Mark

Cronos, the cryptocurrency formerly known as Crypto.com Coin, has recently demonstrated a strong bullish trend, surpassing the $0.0975 resistance level. This breakout has ignited discussions about the possibility of the token rallying above the $0.1 mark. The liquidation heatmap suggested a potential 5% price dip, which was followed by a continuation of the uptrend. This minor pullback was anticipated and did not dampen the overall bullish sentiment surrounding Cronos.

The daily chart for Cronos displays a robust bullish market structure, with the token attempting to establish the $0.1 level as support. The substantial buying pressure, combined with the price breakout, indicates that further gains are likely in the coming weeks. The 1-day price action for Cronos has been strongly bullish, with increasing buying pressure suggesting that the CRO bulls could initiate a recovery. The On-Balance Volume (OBV) experienced a notable increase, reflecting high trading volume over the past few days. This breakout beyond the local resistance level, supported by high volume, is a positive sign for bulls.

The Relative Strength Index (RSI) for the 1-day timeframe surged past the neutral 50 mark, indicating strong bullish momentum. If the current demand can be sustained, Cronos has a good chance of initiating a rally higher. However, if the price falls below $0.1 and $0.0975 in the coming days, the recent price surge could turn out to be a false breakout.

The Funding Rate for Cronos was steeply negative, standing at -0.3% at the time of reporting. This negative Funding Rate, combined with overbought conditions in the lower timeframes, suggests that a price dip to $0.098 is possible. Swing traders might consider buying the token upon a retest of the nearby demand zone, targeting the $0.118-$0.12 liquidity cluster. The 1-week liquidation heatmap noted two magnetic zones of interest at $0.098 and $0.118, providing potential support and resistance levels for traders to monitor.