Cronos Price Forecast: CRO bulls aim for higher highs as 21Shares launches new Cronos ETP
Cronos price extends its gains on Wednesday after rising 5% so far this week.
21Shares launches a new exchange-traded product offering investors regulated exposure to the native token of Cronos.
The technical outlook suggests a rally ahead, targeting the $0.10 level.
Cronos (CRO), a Layer 1 blockchain by Crypto.com, is extending its gains. At the time of writing on Wednesday, it was trading around $0.93 after rising nearly 5% so far this week. The bullish thesis is supported by the announcement that 21Shares launched a new exchange-traded product (ETP) offering investors regulated exposure to Cronos's native token. The technical outlook suggests a rally ahead, targeting further gains toward the $0.10 mark.
21Shares lists CRO’s ETP on Euronext Paris and Amsterdam
Crypto asset manager 21Shares announced on Tuesday that it had launched a new ETP offering investors regulated exposure to Cronos's native token CRO. This ETP is listed on Euronext Paris and Euronext Amsterdam. CRO price rose 2% on that day.
Offering an exchange-traded product is generally a positive sign for Cronos in the long term, as an ETP can make it easier for traditional investors to gain exposure to CRO without needing to purchase and store the cryptocurrency directly. Moreover, it lends more legitimacy to CRO and increases liquidity.
Cronos Price Forecast: CRO bulls aim for the $0.10 mark
Cronos price has been hovering around its 50-day Exponential Moving Average of $0.089 for the last two weeks. At the time of writing on Wednesday, it trades slightly above around $0.091.
If the 50-day EMA holds as support and the CRO continues its upward trend, it could extend the rally toward its key psychological level at $0.100. A successful close above this level could extend additional gains to retest its next weekly resistance at $0.108.
The Relative Strength Index (RSI) on the daily chart reads 54, above its neutral level of 50, indicating bullish momentum. The Moving Average Convergence Divergence (MACD) also showed a bullish crossover, indicating a continuation of an upward trend.
CRO/USDT daily chart
However, if CRO faces a pullback and closes below its 50-day EMA, it could extend the decline to test its next daily support level at $0.077.
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
