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- CRO price ascended by 15.76% in the past 7 days, marking a bullish breakout.
- The price rally can be attributed to the new alliance with Amazon.
Cronos and Amazon Web Services will collaborate to aid the Web3 sector, boost blockchain technology adoption, and develop infrastructure applications. Cronos took to Twitter to announce the partnership saying that Web3 growth will be supported via the Cronos Accelerator Program. Traders immediately responded to the disclosure as the CRO price formed a price rocket following the announcement. AWS will work with Cronos to support the Web3 startup to scale and grow through the program to develop DeFi, GameFi, SocialFi, and Infrastructure applications.
The Monoscopic View
CRO price observes a bullish rally after taking support near $0.0655. The trading volume highlights increasing interest amongst the buyers. The uptick in OBV suggests a favorable market for Cronos as bulls take over. The rising price penetrates the EMA ribbon and finds a spot above it to establish a bullish outlook. The Bollinger Bands diverge to display the sudden rise in CRO price. The prices can reach higher levels and target price levels beyond $0.10.
CRO price represents a robust bullish momentum via Super Trends. The current trend can further gain momentum reaching for higher price levels. The CCI rises reaching beyond 200-range indicating a positive difference between present price and historical prices. The MACD undergoes a bullish divergence and records tall buyer bars in the region above the zero-histogram mark. The RSI shoots to reach the overbought zone, which is an indication of buyer dominance.
The Microscopic View
In the four hour time frame, CRO price forms a staggered rise as it encounters sellers wishing to book profits. The Super trends show a step-like formation in the bullish trend. The CCI moves around the 100-range to indicate an optimistic gap between historical prices and CRO price at press time. The MACD continues under bullish divergence and records buyer participation. The RSI temporarily retraces from the overbought zone, but still indicates dominating buyers controlling the market.
Conclusion
Cronos shook hands with Amazon Web Services to work on the growth of the Web3 sector and boost technology adoption. AWS will work with Cronos to support the Web3 startup to scale and grow through the Cronos Accelerator Program. The CRO price undergoes a bullish rally and establishes a bullish outlook for Cronos. The investors can watchout $0.0865 for further rally with a target beyond $0.10.
Technical levels
Support levels: $0.0655 and $0.0550
Resistance levels: $0.0865 and $0.1040
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
