What's Behind the CRO Price Increase? | Credit: Getty Images
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Key Takeaways
Cronos unveiled a new, updated roadmap on Nov. 6.
Cronos (CRO) broke out from a resistance trend line.
What’s the next target for CRO’s upward movement?
The CRO price has fallen over 50% since its yearly high in March. The performance year-to-date is also negative, showing a 16% price decline.
On Nov. 4, it seemed that the CRO price was approaching a new yearly low. However, an upward movement started after Cronos revealed its new roadmap on Nov. 6, triggering a breakout.
Let’s analyze the price action and see where the price might be headed next.
On Nov. 6, Cronos revealed the new roadmap for an AI-enabled ecosystem. The roadmap includes protocol improvements and easy-to-use A.I. tools to help users with payment and savings needs.
One of the other benefits will be the increased focus on Decentralized App (dApp) creation, which will lead to higher cloud and compute costs, more blocks produced, and, in turn, more tokens burned.
Cronos unveiled a new quarterly burn formula based on price & block size, replacing the existing periodic community pool burn. It will also add more use cases for CRO, which will be used to fund the seeding of AI agents and for Cloud Compute payments in dApp deployment.
Cronos will also hold an AMA with the founder and CEO of Crypto.com, Kris Marszalek, on Nov. 8.
However, not everyone is happy with the new update. Some Cronos cardholders have noted that the lock-up requirements have increased for receiving the same rewards.
Technical indicators, especially the Relative Strength Index (RSI) show bullish signs. The RSI generated a bullish divergence (green) before the upward movement and has increased above 50.
The Moving Average Convergence/Divergence (MACD) is also positive, making a bullish cross and increasing above 0.
What’s Next for Cronos?
In line with the bullish price action and indicator readings, the wave count also suggests the CRO price will break out. The most likely wave count suggests that the price of CRO is in wave C of an A-B-C corrective structure.
Giving wave C the same length as wave C leads to a high of $0.106. This would cause a breakout above the aforementioned $0.098 resistance area and take CRO to the 0.382 Fibonacci retracement resistance level.
If wave C extends, CRO will reach a high of $0.129, giving wave C 1.61 times the length of wave A.
This would take the Cronos price close to the $0.130 horizontal resistance area and the 0.618 Fibonacci retracement resistance level.
Cronos Breakout Incoming
The daily chart for CRO gives a bullish outlook, validating the breakout from the descending resistance trend line.
The price action, indicator readings, and wave count all indicate the upward movement will continue, giving an initial target of $0.106.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
