Crypto exchanges have witnessed lots of dramatic developments recently. That isn’t a surprise after the latest Terra disaster, which sent a shock through DEX and centralized exchanges. As a result, exchange tokens witnessed massive actions within the last two weeks.
CRO, the 8th largest crypto by market value, traded near $0.1995 at this publication. The alternative token gained 4.43% within the previous day, though 14.81% down over the past seven days. Though that remains impressive, there’s a lot behind the scene.
Impending Surges for CRO?
First and foremost, CRO has seen its velocity dramatically surging. That shows investors sending their coins to a larger-than-expected number of wallets. That meant a bullish signal for CRO if market players refrained from exiting and purchased the dip.
On that content, whale transfers worth more than $100K also surged as CRO plummeted beneath $0.25. nevertheless, whale transactions started to reduce as the alt rallied again. That shows more market players indulged in dip-buying rather than profit-booking.
Furthermore, Cronos’ active addresses rose since May’s early sessions as investors took advantage of dip-buying opportunities. Moreover, active wallets noted sharp increases even with CRO rallying again at this publication. That shows the growing adoption of the token.
What Next for CRO – Up or Down?
The dollar question remains, is CRO price ready for uptrends or downtrends? According to the RVI (Relative Volatility Index), CRO can extend its upside rally. Moreover, the indicator briefly climbed beyond 50.
Moreover, the DAA Divergence Indicator flashed green bars at this publication, revealing a bullish signal. Nevertheless, the bars shortened as CRO surged, indicating possible impending red selling signs. The altcoin might see declines before stretching upside.
Also, overall market sentiment is essential for CRO price response. For now, bears appear persistent as they erase all upside attempts by bulls. Bitcoin lost the $30,000 mark again, trading near $29,809 at this publication following a 1.78% 24hr loss.
Also, the cumulative market value of all digital assets lost 2.01% over the past 24 hours to $1.28 trillion. CRO will hardly flourish under such an atmosphere.
