Is Cronos (CRO) 38% Weekly Surge Suggest a Further Bullish Rally?

• Cronos’s (CRO) price bounced back from the $0.0708 support level.
• CRO price increased by 38% over the last week, showcasing bullishness.

Cronos’s (CRO) price bounced back and headed in the upper direction with robust bullish momentum. It already broke above the 50-day EMA mark and is about to break the 200-day EMA mark. If the price succeeds in breaking the $0.1108 level, investors might witness a bullish rally in upcoming sessions.

The CRO technical chart structure shows that bulls are driving the trend and gradually approaching towards $0.1108 mark. Additionally, the Bears have found themselves in a defensive position after the Bulls broke multiple resistance levels above $0.932 with significant vertical gains over the last few trading sessions. Buyers are indicating strong intent to continue this bullish trend. 

According to CoinMarketCap data, at the time of writing CRO price is trading at $0.1063 with an intraday surge of 5.3% suggesting positive momentum. The daily trading volume has surged by 75% suggesting buying momentum. Furthermore, the market cap is $2.83 billion and the 24-hour trading volume is $137.21 million.

In a 4-hour time frame, Cronos is currently trading above its 50-day and 200-day EMAs, which supports its price momentum. However, on the daily time frame, the price still needs to break above the 200-day EMA level to start a bullish rally.

Currently, RSI curve is at 68.30 pointing to bullishness. The 14 SMA is above the centre line at 53.47 points, suggesting the CRO price is close to the bullish zone. The MACD curve is at 0.0046 and the signal line at 0.00010 is above the zero line suggesting a bullish outlook. 

Cronos (CRO) showcases strong bullish momentum, trading above EMAs with RSI and MACD indicators suggesting bullishness. Breaking $0.1108 may fuel a rally; investors remain optimistic amidst rising volumes.

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