Cronos (CRO) is on the way to its positive price trajectory and is experiencing a surge in its value, in accordance with the general market status. Currently, the CRO is moving inside an ascending wedge pattern, which often leads to a bullish reversal. If a successful breakout occurs, then it will lead to a maximum profit zone around $0.60.
At the time of writing, CRO is trading at $0.3097 with a 24-hour trading volume of $792.43 million and a market capitalization of $10.4 billion. The CRO price over the last 24 hours is up by 13.91%, and over the last week it is significantly up by 99.84%.
Ascending Wedge Hints at Breakout
According to the crypto analyst Jonathan Carter, the Cronos (CRO) token is creating ripples in the market, with analysts highlighting the formation of a right-angled ascending wedge pattern on the token’s chart. This kind of technical setup is normally translated to represent a very strong buy setup and suggests that the token is positioning itself for a massive rally up.
Traders are hence closely observing the pattern in order to see if momentum is going to persist through a breakout. If it is true, the type of move could see the CRO feature among the stronger gainers in the current altcoin market.
In the last few weeks, CRO has been developing a consistent pattern of higher highs with ongoing purchase demand and, at the same time, sustaining a stable support level. Such a consolidation is often an indicator of increased comfort in the minds of market players, with the purchase and cover of the same support level continuously by the buyers.
Cronos’ bullish pattern suggests move to $0.60
Such a pattern is often followed by sharp one-sided breaks once resistance levels get broken through. The more the token maintains that pattern, the stronger the subsequent breakout is going to be.
If this ascending wedge continues to hold, analysts are considering the possibility of a breakout sending CRO into the $0.50–$0.60 range. That would represent a significant jump from where prices are currently and may instigate the continuation of ultra-bullish sentiment throughout the entire Cronos ecosystem.
Confirmation of a breakthrough wouldn’t only confirm the technical formation but also open the possibility of additional influxes of liquidity and expanded market involvement. Such levels, upon reaching them, could put CRO back in the scope of top mid-cap altcoin leaders.
