Cronos (CRO) Climbs as Crypto.com Expands Global Footprint

Cronos rose 5% in the past week to continue its bullish trajectory. A thorough analysis of the chain shows that the number of long-term owners is increasing. How might this affect the CRO price?

There was a positive difference between CRO price and daily active addresses during the recent decline.

Cronos didn’t lose traction during the last downturn

Cronos (CRO) is the original cryptocurrency of the Cronos Chain – a decentralized open source blockchain network developed by the Crypto.com exchange. On March 22nd, the CRO price rose by 5% as the crypto markets seemed to react to the news that the exchange had been granted a preparatory license in Dubai. Underlying calculations on the chain suggest that there may be more gains ahead for CRO holders.

During the recent 13% price correction between March 1 and March 20, the yellow line on the Santiment chart shows how daily active addresses grew in the opposite direction, from 473 to 726.

Generally, if a blockchain network starts to attract traction during a downturn, it signals an impending recovery. Consequently, this positive divergence could propel CRO to more gains in the coming weeks.

Similarly, the growing number of long-term owners on the Cronos network also confirms the positive attitude.

The IntoTheBlock chart below shows that the number of long-term wallet addresses with CRO increased by more than 20,000 between February 10th and March 24th. In the same period, short-term traders fell from 6,430 to 4,770.

An increase in the number of long-term owners is a bullish signal. This means that stakeholders are increasingly confident about the project’s future prospects.

If the Cronos chain keeps up this trend, it could attract new investors to the network. Ultimately, the increasing demand may positively affect the price of CRO.

CRO Price Prediction: The Road to $1

According to the Exchange Market Depth data compiled by IntoTheBlock, CRO may soon break above $1.0. The market depth chart shows critical buy walls and sell zones based on current limit orders placed by traders on exchanges.

As shown below, if CRO can break out of its current resistance at $0.70, it will likely face minimal resistance until it reaches $0.85, where sellers will want to offload 656 million CRO tokens.

If the significant resistance does not prevent the rally, CRO could approach $1.0. At this point, exchange traders have posted 486 million coins for sale.

For the bears to force a decline, CRO must lose its current support and fall towards the $0.60 zone. In the $0.60 zone, buyers have placed orders for over 60 million CRO. If this support does not hold, CRO holders can expect a big decline to $0.50.