Top 3 reasons the soaring Cronos price is due for a correction
The post Top 3 reasons the soaring Cronos price is due for a correction appeared on BitcoinEthereumNews.com. Cronos price went parabolic this week after Trump Media and Crypto.com announced the launch of a company to accumulate CRO tokens. Summary Cronos price surged after the launch of Trump Media CRO Strategy company. It has become highly overbought, pointing to an eventual crash in the near term. The coin’s funding rate has turned negative, a sign that traders expect the price to drop. Cronos (CRO) jumped to a high of $0.2872, its highest point since May 2022, up by 270% from its lowest level this year. Its 24-hour volume neared $1 billion, while its market cap hit $9 billion. The Trump Media CRO Strategy will have assets like $1 billion in CRO tokens, $200 million in cash, a $5 billion credit line, and $220 million in mandatory exercise warrants. While this is good news for the CRO price, there are a few reasons why it is due for a reversal. Cronos price will crash as the CRO news fades Crypto and stock prices always surge after a major announcement as investors buy, and the Fear of Missing Out prevails. Historically, these jumps tend to be short-lived. A good example of this is the OKB price, which surged after the recent token burn news. With the news behind us, OKB token has now plunged by 35% from its highest level this month. Similarly, Bio Protocol price, which went parabolic last week, has now plunged by 45% from its highest point. The CRO price will have a similar performance once the excitement cools. CRO price has become highly overbought Technicals suggest that the Cronos price could plunge in the coming days. First, top oscillators like the Relative Strength Index and the Money Flow Index have all moved to the overbought zone. A highly overbought asset tends to decline as some holders…
The post Top 3 reasons the soaring Cronos price is due for a correction appeared on BitcoinEthereumNews.com.
Cronos price went parabolic this week after Trump Media and Crypto.com announced the launch of a company to accumulate CRO tokens. Summary Cronos price surged after the launch of Trump Media CRO Strategy company. It has become highly overbought, pointing to an eventual crash in the near term. The coin’s funding rate has turned negative, a sign that traders expect the price to drop. Cronos (CRO) jumped to a high of $0.2872, its highest point since May 2022, up by 270% from its lowest level this year. Its 24-hour volume neared $1 billion, while its market cap hit $9 billion. The Trump Media CRO Strategy will have assets like $1 billion in CRO tokens, $200 million in cash, a $5 billion credit line, and $220 million in mandatory exercise warrants. While this is good news for the CRO price, there are a few reasons why it is due for a reversal. Cronos price will crash as the CRO news fades Crypto and stock prices always surge after a major announcement as investors buy, and the Fear of Missing Out prevails. Historically, these jumps tend to be short-lived. A good example of this is the OKB price, which surged after the recent token burn news. With the news behind us, OKB token has now plunged by 35% from its highest level this month. Similarly, Bio Protocol price, which went parabolic last week, has now plunged by 45% from its highest point. The CRO price will have a similar performance once the excitement cools. CRO price has become highly overbought Technicals suggest that the Cronos price could plunge in the coming days. First, top oscillators like the Relative Strength Index and the Money Flow Index have all moved to the overbought zone. A highly overbought asset tends to decline as some holders…
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