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Cronos Price Prediction As CRO Targets 48% Increase To $0.118

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Cronos (CRO) started the year on the right foot, recording higher prices every day for the first two weeks of 2023. The upward trend came with the new year hype after the Cronos price broke off from a month-long volatility characterized by many short red and green candlesticks consolidating, as shown in the chart (below).

At the time of writing, CRO price was trading at $0.08, after the price lost almost 2.5% in the last 24 hours. The token was recording a 24-hour trading volume of $39.7 million and a live market cap of $2.003 billion, placing the token at #32 on the list of cryptocurrencies by market cap size.

Crypto.com Becomes the First Virtual Asset Platform to Achieve ISO 27017/18 Certifications

Cronos (CRO) is the native token of the Cronos Chain, a decentralized open-source blockchain developed by the famous payment, trading, and financial services company, Crypto.com. Cronos Chain stands among the products in Crypto.com’s list of product offerings designed to speed up the global adoption of crypto as part of the goal to increase personal control over money while safeguarding user data and protecting their identities.

The CRO blockchain technically works as a vehicle, powering the Crypto.com Pay mobile payments app. CRO owners stake their coins on the Crypto.com Chain, making them validators and earning fees for processing on-network transactions. Moreover, the CRO tokens also settle transaction fees on the Cronos Chain.

Crypto.com recently became the First Virtual Asset Platform to Achieve ISO 27017 and ISO 27018 Security and Privacy Certifications.

The two certifications demonstrate the company’s focus on cloud service security for users and its commitment to ensuring customers’ personal data are processed securely.

Cronos Price Bulls Target A Return To $0.118

Since November, the Cronos (CRO) price has suffered extreme volatility, recording low trade volumes as bulls and bears battled for control. The token dipped 38% to the $0.053 support floor.  The price consolidated above this level for the remaining part of the year until January 1, when bulls finally took over, raising the Cronos price to the $0.09 range high on January 16.

Cronos then recorded massive sell-offs for the next two days, sending the price down to $0.071, but bulls regained control of the market and are now trying to raise the CRO price higher.

This price action has formed a cup and handle chart pattern on the daily chart (below).  At the time of writing, CRO was trading at $0.0801, sitting on the support offered by the 100-day simple moving average (SMA) at the $0.08 psychological level as bulls target higher prices.

Increased buying pressure from this buyer congestion zone could set the Cronos price on a path to a 38% climb above the neckline of the technical formation to the $0.118 level. This would mark a 48% increase from current levels.

The upward movement of the relative strength index (RSI), which was also tipping upwards, showed that buyers were leading the market. The value of this oscillating indicator at 63 suggested that the buyers were in control of the CRO price, adding credence to the bullish thesis.

CRO/USD Daily Chart

Cronos Price Chart - Jan 25Cronos Price Chart - Jan 25
TradingView Chart: CRO/USD

To confirm the bullish trend, however, CRO price has to rise above the handle high at $0.084 and make a move to the pattern’s neckline. A daily candlestick close above this level would confirm a bullish recovery.

On the downside, a daily candlestick close below the 100-day SMA would see CRO price drop first to the low of the handle at $0.0711 and later further down to retest the 50-day SMA sitting at the $0.06 psychological level. In highly extreme cases, the price could dip further to the $0.053 swing low, which is the cup’s bottom.

Market participants could expect CRO bulls to take a breather here giving bulls an opportunity to regroup before making another recovery attempt.

Should You Invest In CRO Today?

The technical setup projects a massive uptick for the Cronos token. However, before you invest in CRO, you might want to consider other coins in presale with the potential to multiply your returns in 2023. One such crypto is Fight Out (FGHT), the newest move-to-earn (M2E) token. FGHT is priced at 1 USDT and its presale has raised more than $3.4 million

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