Cryptocurrency

Cronos is CRO-ing up as more than just its price sees a rally

Exchanges have been seeing a lot of drama recently. And, no marvel, particularly after the current Terra debacle which despatched shockwaves via each centralized exchanges and DEX communities. Naturally, alternate tokens additionally noticed a lot of motion over the previous few weeks.

In specific, Cronos [CRO], the 18th greatest crypto by market cap, was buying and selling at $0.1995 at press time. It rose by 4.43% over the past 24 hours and fell by 14.81% over the week. This would possibly sound outstanding in itself, however there’s more occurring behind the scenes.

Time to CRO up

The very first thing to notice is that CRO velocity has been dramatically rising, which alerts that traders are sending their tokens to a larger-than-usual variety of addresses. This is an particularly bullish signal for the asset – if traders have been shopping for the dip somewhat than exiting.

Source: Santiment

On that notice, whale transactions price over $100,000 additionally spiked as CRO plunged under $0.25. However, as the token rallied once more, whale transactions started to lower. It appears that more traders have been within the sport to purchase the dip somewhat than to take their earnings.

1652858644 494 Cronos is CRO ing up as more than just its price

Source: Santiment

Additionally, CRO energetic addresses have been on the rise since early May as many invariably took benefit of the chance to purchase the dip. However, even as CRO rallied once more at press time, energetic addresses rose sharply.

This means that CRO adoption is certainly rising.

1652858644 664 Cronos is CRO ing up as more than just its price

Source: Santiment

Where are you CRO-ing?

Now, comes the million greenback query. Is CRO’s price headed upwards or downwards?

The Relative Volatility Index [RVI] indicated that CRO had a good likelihood of seeing its rally proceed. Especially as it got here up barely above 50.

1652858644 117 Cronos is CRO ing up as more than just its price

Source: TradingView

Furthermore, the Adjusted Price DAA Divergence indicator was flashing inexperienced bars at press time – A bullish signal. However, the bars have been getting shorter as CRO rallied, suggesting that the purple promoting alerts won’t be too far off.

1652858644 529 Cronos is CRO ing up as more than just its price

Source: Santiment

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