Technical formations can signal major price movements and have historically provided profits to investors. Bitcoin’s price continues its frustrating movements, leading investors to focus on altcoins. Which altcoin might see an increase of nearly 40% with the upcoming breakout?
Cronos (CRO) Price Commentary
Cronos (CRO), the altcoin of the Cryptocom exchange, is similar to Binance’s CRO. Tokens from relatively smaller cryptocurrency exchanges have the potential to outperform in bull markets. However, some, like FTX’s FTT, can completely deplete their investors’ capital.
CRO Coin’s price often forms independently of the orientations of whales and other investor groups. Monitoring the general market sentiment is crucial, but the influence of whales here is significant. A whale group expecting a good price catalyst has recently shifted towards accumulation.
Addresses holding between 100,000 and 10 million CRO have added over 20 million CRO coins in the last two weeks. Their total assets are now at 2.66 billion. Meanwhile, the current situation of individual investors is also making conditions favorable for a rise in this altcoin. Only 9% of investors are in profit, which could mean less selling pressure.
CRO Coin Price Prediction
The main indicator of a potential 40% increase is the technical setup. Currently, there is a descending triangle reversal formation in the Cronos (CRO) Coin chart, and the price is moving within it. Although this structure generally indicates a continuation of the decline, it signals a reversal specifically for CRO.
If the breakout occurs, the target for a 37% rise is $0.175. However, CRO Coin needs to convert the $0.133 and $0.145 resistance into support to achieve this. If the breakout fails, the price could fall to the lower trend line of the formation and below to $0.118. Breaking this support line would completely negate the rise scenario, targeting deeper lows at $0.11.
Currently, the BTC price is hovering around $63,000, and the April inflation data will largely shape the general market sentiment this week.
