Cronos price has gone parabolic, making it one of the best performing cryptocurrencies in the industry. The CRO token soared to a high of $0.1771, its highest swing since March 5. It has jumped by 40% on Monday and by 156% from its lowest level in August, giving it a market cap of over $4.6 billion.
Cronos price surges as futures open interest rises
The CRO token soared as demand for the Cronos coin jumped. Data shows that the futures open interest jumped to over $18 million, its highest point since April 2022. It has jumped from the year-to-date low of $4.1 million.
Data shows that Cronos assets in the total value locked (TVL) jumped to over $543 million, a 40% increase from the same period a month ago. The amount of stablecoins in the ecosystem jumped to over $18.3 million.
At the same time, the Cronos DEX ecosystem handled over $75.6 million in assets in the last seven days, a 263% increase. The biggest players in the DEX ecosystem are the likes of VVS Finance and Fulcrom.
The Cronos token also jumped after the developers expanded to the artificial intelligence industry. They launched AI-powered tools, joining other popular blockchains that are thriving because of the AI industry. Some of the most notable AI networks are Near Protocol and Bittensor.
Cronos is also doing well in the gaming industry. In a statement, Capybara, a leading game with over 4 million users joined its ecosystem.
The CRO token also jumped as Bitcoin soared to a record high as bulls predict that it could get to $100,000 this week.
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CRO token analysis
The daily chart shows that the Cronos price made a strong bullish breakout, soaring to its highest level since March 10. It has jumped above the 50-day and 200-day Exponential Moving Averages (EMA), meaning that bulls are in control.
The breakout happened after the coin formed a falling wedge pattern, one of the most bullish signs in the market. At the same time, the Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the overbought level.
Cronos is also nearing the important resistance level at $0.1840, its highest level on May 4. Therefore, there is a likelihood that the coin will have a pullback and retest the important support level at $0.14, its highest swing on April 30. A break above the key resistance level at $0.1840 will point to more gains.
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