Crypto Currency Tracker logo Crypto Currency Tracker logo
coinpedia 2024-11-29 19:13:07

CRO Sees $22.6M Exchange Outflow, Traders Eye 80% Rally

The post CRO Sees $22.6M Exchange Outflow, Traders Eye 80% Rally appeared first on Coinpedia Fintech News CRO, the native token of the Cronos blockchain, is making waves in the ongoing bull run as whales show strong interest and confidence in the token. After a significant 150% upward momentum, CRO appears to be consolidating within a tight range and has formed a bullish price action pattern on the daily timeframe. CRO Technical Analysis and Upcoming Level According to expert technical analysis, CRO has formed a bullish pennant price action pattern on the daily timeframe and is on the verge of a breakout. Based on recent price action and historical momentum, if CRO breaches and closes a daily candle above the $0.20 level, there is a strong possibility it could soar by 80% to reach the $0.35 level in the coming days. Source: Trading View On the positive side, CRO’s Relative Strength Index (RSI) suggests that the altcoin still has room to rise in the coming days, as it currently stands at 60, below the overbought level of 70. Bullish On-Chain Metrics The on-chain analytics firm Coinglass reported that whales, institutions, and retailers have shown strong interest in the altcoin, as cryptocurrency exchanges have witnessed notable outflows. According to the CRO spot inflow/outflow data, exchanges have recorded a significant outflow of $22.64 million in CRO tokens. Source: Coinglass This notable outflow suggests that whales and institutions have withdrawn these tokens from exchanges to their wallets, which is considered a bullish sign. Additionally, it indicates a potential buying opportunity and hints at a possible upside rally in the coming days. In addition to the participation of whales, derivative traders have also shown strong interest in CRO, as reported by Coinglass. Over the past 24 hours, CRO’s open interest has skyrocketed by 13.15%, indicating an increase in new open positions. This growing OI suggests that traders have strong belief and confidence in the altcoin amid its bullish price action pattern. Current Price Momentum At press time, CRO is trading near $0.1842 and has experienced an upside momentum of 4.10% in the past 24 hours. During the same period, its trading volume surged by 50%, indicating heightened participation from traders and investors compared to previous days.

Leggi la dichiarazione di non responsabilità : Tutti i contenuti forniti nel nostro sito Web, i siti con collegamento ipertestuale, le applicazioni associate, i forum, i blog, gli account dei social media e altre piattaforme ("Sito") sono solo per le vostre informazioni generali, procurati da fonti di terze parti. Non rilasciamo alcuna garanzia di alcun tipo in relazione al nostro contenuto, incluso ma non limitato a accuratezza e aggiornamento. Nessuna parte del contenuto che forniamo costituisce consulenza finanziaria, consulenza legale o qualsiasi altra forma di consulenza intesa per la vostra specifica dipendenza per qualsiasi scopo. Qualsiasi uso o affidamento sui nostri contenuti è esclusivamente a proprio rischio e discrezione. Devi condurre la tua ricerca, rivedere, analizzare e verificare i nostri contenuti prima di fare affidamento su di essi. Il trading è un'attività altamente rischiosa che può portare a perdite importanti, pertanto si prega di consultare il proprio consulente finanziario prima di prendere qualsiasi decisione. Nessun contenuto sul nostro sito è pensato per essere una sollecitazione o un'offerta