Cronos (CRO) Breakout Watch: Are New Highs Ahead or Is It Headed for a Fakeout？

• Cronos has climbed 6%, reaching the $0.12 level.
• CROs daily trading volume has jumped by over 40%.

The bears are back in the drivers seat as the crypto market cap dips to $3.78 trillion, painting the charts red across the board. The largest asset, Bitcoin (BTC), is hovering at $115.4K while Ethereum (ETH), the largest altcoin, trades at around $3.6K. Throughout the altcoin market, Cronos (CRO) has posted a surge of over 6.31%.

The opening price for the asset was around $0.1179, hitting a low for the day. Once the bulls began showing signs of strength, Cronos pushed its price to a high range of $0.1288. The crucial resistance levels of CRO between $0.1184 and $0.1283 have been broken.

As reported by the CoinMarketCap data, at the time of writing, Cronos traded within the $0.1262 zone, with its market cap reaching $4.07 billion. Meanwhile, the assets daily trading volume has soared by over 40.66%, touching the $59.65 million mark.

Zooming in on the thirty-day chart of CRO, it has recorded a gain of over 50%. The assets monthly low was marked at around 0.079. With multiple ups and downs, the bulls have steadily climbed, and the Cronos price has hit a high of $0.12.

Cronos on the Edge: Breakout or Breakdown？

Assuming the Cronos bulls took charge of the price action, the key resistance at the $0.1268 range might be tested. Further correction on the upside could trigger the formation of a golden cross, which pushes the assets price above the $0.1275 mark.

Contrarily, if the asset turned bearish, it could see a slip in price, bringing in a retest of the support at the $0.1255 level. An extended downside correction might reinforce the bears and initiate the death cross to unfold, likely driving Cronos below $0.1249.

The technical analysis exhibits that the Moving Average Convergence Divergence (MACD) line and signal line have the same value. There is no clear momentum in either direction, which implies a trend reversal or a pause in the current trend.

CRO chart (Source: TradingView)

Besides, the Chaikin Money Flow (CMF) indicator settled at -0.28, pointing to moderate selling pressure in the market. Also, the money is flowing out of the asset. If the value stays negative for a long period, it could hint at a weak buying interest.

CROs daily Relative Strength Index (RSI) value found at 58.50 indicates a neutral to moderately bullish momentum. Moreover, the Bull Bear Power (BBP) reading of the asset at 0.0029 suggests a weak bullish dominance in the current price action.