Cronos (CRO), the native token issued by the Crypto.com cryptocurrency exchange has gained quite the crypto market attention in the past few days.
This is because the digital asset has been facing ups and downs in value, garnering great market interest. After taking a fall, it seems that the price of CRO is moving in a positive direction.
CRO’s Recent Price Movement
A few days back, CRO’s trading value was moving higher until it ended up facing a downtrend.
Although the price of CRO moved higher with a noticeable momentum, the bears soon caught up with it. They launched their strong selling pressure that was able to pull CRO’s trading price lower.
As the bears started selling CRO, its price moved downwards and the decline seemed to be unstoppable. Finally, on November 14, the bulls showed off their buying power and sustained the selling pressure.
The bulls demonstrated great restraining power against the selling pressure of the bears. Finally, they have succeeded to overpower the bears and have steered CRO’s trend in the positive direction.
As of now, CRO seems to be traveling in a positive direction. This is a positive sign that the trading price of CRO is experiencing a recovery.
Like the rest of the cryptocurrencies, CRO’s fall was triggered by the crash of the FTX exchange.
Price Action of CRO
On November 14, the price graph for CRO showed that the asset started its day at a low of $0.05. This was the lowest level CRO had hit since April 2020 and 60% below the November high of $0.178.
The price of CRO kept hovering between the profit and loss territories finally consolidating within the profiting zone. The price of CRO rose from a low of $0.05 to a high of $0.069.
The funding Rate for CRO Dropped to -3%
The price was not the only decline the CRO recorded as it also faced a downtrend in the perpetual futures funding rates.
On November 14, the OKX and the Huobi exchanges recorded a noticeable drop in the funding rates of CRO. According to the exact figures, both exchanges suffered from a -3% drop rate for the particular scale.
The current measurement shows that the investors are currently very bearish about the digital asset. As the sentiments are low, the investments won’t be made as much as the markets are expecting.
CRO Maybe Fated for a 50% Rebound
Despite the downtrend, the analysts are keeping their fingers crossed for a strong rally. It is the technical factors that seem to be pointing towards a strong rally in the upcoming days.
To put it in simple words, a relief rally is expected by the investors in the upcoming weeks.
Despite the dip, CRO’s RSI is showing signs of recovery after hitting the bottom. If things work out as indicated by the technical factors, then CRO’s price may get rushed by 50%, bringing it up to $0.111.
