Cronos (CRO), the Crypto.com token, has reached a 30-month high of $0.23 last week. This surge is driven by increased whale activity. In the past week, CRO’s value rose by 85.9%. Its now ranked as 30th among cryptocurrencies, with a market cap of approximately $4.3 billion.
Increased Whale Activity
In the past week, the token managed to reach a two-year high of $0.23. This is the highest that the token value has reached since 2022. This jump was fueled by whale investors. This has move has fueled the token’s growth with large transaction (over $100,000) spiking from 19 to 126 in one day. This activity from the whales indicates increased interest from the large investors.
Along with increase in whale investors, increased transactions, there has been an increase in the trading volume as well. CRO’s trading volume surged 340% to $1.21 billion, reflecting strong market confidence in the past week. Such high trading volume usually indicates the strong market confidence and can help sustain a price rally as investor interest remains high.
In the past week, Crypto.com also partnered with Google Cloud, which has also helped in pumping investor confidence. With Google Cloud serving as a primary validator on the Cronos blockchain, this collaboration is a significant milestone.
Cronos’s High RSI indicates Potential Fizzle
While CRO’s price performance is gaining momentum, analysts believe that since the Relative Strength Index of the token is high (RSI-90), a level which indicates that the asset may be overbought. A high RSI often suggests that the momentum might fizzle out after a while but will be later followed by further gains. Despite this, CRO maintains an optimistic outlook are fluctuations are bound to happen with high investor interest.
At press time, the price of the CRO token stands at $0.1575, with a dump of 2.7% in the last 24 hours. This indicates the momentum has fizzled or one can say that the cool down period has begun. After this period, the token is supposed to gain momentum again.
As Cronos continues its upward trend with a cool down period before the real surge begins, investors remain optimistic, hoping the increased whale activity and strategic partnerships will further drive CRO’s growth.
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