Cronos (CRO) is facing a bearish market situation due to the recent FUD surrounding centralized crypto exchanges. On-chain data shows the number of new users joining the Cronos network has decreased significantly, potentially reflecting investors seeking alternative platforms such as decentralized exchanges. This bearish trend is also indicated by the sudden unstaking of 21 million CRO coins worth 1.4 million over the last two weeks. IntoTheBlock’s In/Out of Money Around Price (IOMAP) analysis indicates that, should the bulls be unsuccessful in breaking past the $0.068 resistance at which 4,800 addresses hold a massive 1.7 billion CRO, the price is likely to retrace to $0.065. However, should this resistance be broken, it could set the stage for a sustainable rally towards the formidable $0.079 resistance held by 11,000 addresses with a combined 494 million coins.
Wyatt Alvarez
- 2023-04-04
Cronos (CRO) Facing a Bearish Market Situation
Cronos (CRO) is facing a bearish market situation. On-chain data shows the number of new users joining the Cronos network has decreased. This bearish trend is also indicated by the sudden unstaking of 21 million CRO coins worth 1.4 million. Should the bulls be unsuccessful, the price is likely to retrace to $0.065.
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