As the cryptocurrency market continues to evolve, Cronos (CRO) has captured traders’ attention with its significant upcoming network developments. The token looks to be well on the rise and set for another rally as it has gained 21.4% in the past month to trade at $0.1935 at press time.
In this article, key technical indicators that could have a say in the eventual price trajectory for the token are examined closely, along with recent upgrades in the Cronos network.
Cronos Network Unveils Huge Scalability Upgrades
The Cronos EVM v1.4 “Pallene” upgrade, officially released on December 12, marks a big step in the network’s journey toward enhancing scalability. The introduction of parallel transaction processing capabilities is particularly noteworthy, as it’s expected to increase the network’s throughput from the current 100 TPS to potentially tens of thousands of transactions per second. This technological leap positions Cronos competitively among other Layer 1 networks and could serve as a strong price catalyst.
Another major technological breakthrough for the network came with the announcement of the Cronos zkEVM upgrade, scheduled for January 9, 2025. This upgrade promises enhanced gas efficiency and optimized execution, potentially attracting more developers and users to the ecosystem.
Price Analysis: Technical Indicators Signal Bullish CRO Momentum
The recent developments in Cronos network come together with the technical outlook to further highlight the bullish momentum of the token. Currently, the price action shows CRO trading at approximately $0.1935, with a notable upward momentum forming on the 30-minute timeframe. The recent price movement has established a series of higher lows, suggesting a strengthening bullish trend.
Looking at other key technical indicators, the MACD (Moving Average Convergence Divergence) is displaying positive momentum with readings of 0.0027 on the signal line and 0.0028 on the MACD line, while the histogram shows -0.0001. This slight bullish convergence indicates potential upward momentum building in the short term. The RSI (Relative Strength Index) is currently positioned at 55.70, with a recent peak at 59.95, hinting that the asset is in a comfortable trading range with room for further upside before reaching overbought conditions.
Monthly Trading Chart For Cronos (CRO)
Cronos Price Projection
CRO appears set for potential upward movement in the coming weeks going by the signs shown in the ecosystem upgrades and the technical indicators depicted in the chart. The current price level around $0.1935 could serve as a strong support zone, with immediate resistance levels visible around the $0.2000 mark. The recent outlook of the chart suggests CRO could target the $0.2200-$0.2300 range in the short to medium term.
However, traders should note that the temporary network downtime during the upcoming upgrades might introduce short-term volatility. The key to navigating this period will be monitoring how the network performs after the completion of the upgrade. These factors would go a long way in influencing the price trajectory for the token.
For traders looking to capitalize on these developments, the current technical setup suggests maintaining a bullish bias while keeping stop-losses below recent support levels. The combination of technical strength and network improvements creates a strong case for CRO’s potential appreciation.
