In this Cronos (TSX:CRON) (CRO) price prediction 2023, 2024-2030, we will analyze the price patterns of CRO by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.h2 Cronos (CRO) Current Market Status/h2
CRO Current Market Status (Source: CoinMarketCap)h2 What is Cronos (CRO)/h2
Cronos (CRO) is the native cryptocurrency of Cronos, the native blockchain of the Crypto.com exchange. Cronos is an open-source EVM-compatible blockchain built on Cosmos SDK. It utilizes the proof-of-stake (PoS) consensus.
Cronos blockchain supports the bridging of dApps and smart contracts of Ethereum and other blockchains to the Cosmos ecosystem via its inter-blockchain communication (IBC) protocols.
Crypto.org, formerly known as the Monaco technology firm, deployed the Monaco Coin (MCO) as the utility token. In 2018, the network launched the Cronos (CRO). CRO is primarily used as the utility token within the Crypto.com exchange. Users use these tokens in staking, governance, and in-exchange services. Cronos (CRO) existed formerly as the Crypto.com Coin (CRO). Later in February 2021, the token was renamed Cronos (CRO).
Cronos 24H Technicals/h2
(Source: TradingView)
h2 Cronos (CRO) Price Prediction 2023/h2
Cronos (CRO) ranks 35th on CoinMarketCap in terms of its market capitalization. The overview of the Cronos price prediction for 2023 is explained below with a daily time frame.
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In the above chart, Cronos (CRO) laid out a falling wedge pattern. The falling wedge is a bullish pattern. Together with the rising wedge formation, these two create a powerful pattern that signals a change in the trend direction. The falling wedge pattern occurs when the asset’s price is moving in an overall bullish trend before the price action corrects lower. Within this pullback, two converging trendlines are drawn. One of the main features of the falling wedge pattern is the volume, which decreases as the channel converges.
The most commonly falling wedge pattern occurs in a clean uptrend. The price action trades higher, however, the buyers lose the momentum at one point and the bears take temporary control over the price action.
At the time of analysis, the price of Cronos (CRO) was recorded at $0.05071. If the pattern trend continues, then the price of CRO might reach the resistance levels of 0.05197, and 0.06167. If the trend reverses, then the price of CRO may fall to the support of 0.04771.
h2 Cronos (CRO) Resistance and Support Levels/h2
The chart given below elucidates the possible resistance and support levels of Cronos (CRO) in 2023.
CRO/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as resistance and support levels of Cronos (CRO) for 2023.
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Cronos (CRO) are shown in the chart below.
CRO/USDT RVOL, MA, RSI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the current Cronos (CRO) market in 2023.
In the below chart, we analyze the strength and volatility of Cronos (CRO) using the following technical analysis indicators — Average Directional Index (ADX) and Relative Volatility Index (RVI).
CRO/USDT ADX, RVI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the price momentum of Cronos (CRO).
h2 Comparison of CRO with BTC, ETH/h2
Let us now compare the price movements of Cronos (CRO) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs CRO Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of CRO is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of CRO also increases or decreases respectively.
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Cronos (CRO) between 2024, 2025, 2026, 2027, 2028, 2029 and 2030.
h3 Conclusion/h3
If Cronos (CRO) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Cronos (CRO) price prediction for 2023 is $0.10052. Comparatively, if unfavorable sentiment is triggered, the bearish Cronos (CRO) price prediction for 2023 is 0.03714.
If the market momentum and investors’ sentiment positively elevate, then Cronos (CRO) might hit $0.5. Furthermore, with future upgrades and advancements in the Cronos ecosystem, CRO might surpass its current all-time high (ATH) of $0.9698 and mark its new ATH.
This content was originally published by our partners at The News Crypto .
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The News Crypto
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