Cronos Chain’s gradually emerging native token – Cronos (CRO) is in an uptrend as it has emerged as the top gainer of the day with 14% gains, following the correction phase of major cryptocurrencies such as Bitcoin and Ethereum.
The overall crypto market capitalization increased 0.7% today at $1.21 trillion. According to CoinMarketCap data, Cronos is ranked 31st with a market capitalization of $2.03 billion.
This rapid bullish momentum came after Cronos Labs announced a collaboration with Amazon Web Services (AWS) to drive blockchain technology adoption and support the web3 industry.
As a result, the CRO token is currently trading at $0.08001 against the USDT pair with a 6.5% intraday gain. The buyers have experienced about 25% positive momentum this week and we can expect 10% more gain next week if the token reaches the $0.087-$0.090 resistance area.
For the past several weeks, the price action formed a higher-low formation on a rising support trendline. Buyers defended this support level several times, which is still valid for some more retests.
On the daily price chart, buyers place the CRO token price above the 20, 50, and 100-day exponential moving averages. Notably, the 200 EMA has formed a resistance, which could inhibit the uptrend going forward.
The Relative Strength Index (RSI) stands at 70 after displaying a bullish crossover on Tuesday night. The RSI suggests an opportunity for the bulls unless the peak of the RSI enters the highly overbought zone.
Besides, the MACD indicator today left the negative zone and moved into the positive zone. So CRO token might reach the $ 0.088 level before correction.
Also read: RNDR Token Skyrockets 15% Following BME Model Implementation
