Cronos Volume Turns Bullish as Whales Boost Market Sentiment

In a noticeable turnaround, buyers, particularly whales, have re-entered the Cronos market, creating a positive shift in sentiment. Following a seven-day downturn, Cronos [CRO] found support at $0.1 and recovered to $0.1146. At the last check, CRO was priced at $0.1136 with an 11.54% rise in daily charts, while its market cap increased by 11.19% to $4.25 billion.

Key Takeaways

The return of buyers, led by whales, has resulted in a positive Buy Sell Delta, suggesting strong market recovery.
Positive signals from the Stochastic Momentum Index (SMI), MACD crossovers, and rising exchange outflows indicate sustained bullish momentum.
After experiencing a decline for a week, Cronos managed to hold firm at the $0.1 support level before bouncing back.
Currently, Cronos is trading significantly higher, with increased market capitalization reflecting ongoing capital inflow.
The critical question remains whether this bullish movement indicates a lasting uptrend or is merely a temporary fluctuation.

Cronos volume flips bullish - Whales lift market sentiment sharply

Cronos Buyers Re-Enter the Market

Following a period of decline, many holders and investors reacted to market dips by selling aggressively, leading to a seller-dominated environment for seven consecutive days. However, over the past day, the dynamics shifted as buyers made a notable comeback. Data from Coinalyze indicates that Cronos recorded a Buy Volume of 34 million against a Sell Volume of 29 million.

Cronos buy sell volume

This buying demand resulted in a positive Buy Sell Delta of 5 million tokens, illustrating that buyers have returned and effectively overpowered sellers, signaling a vigorous interest in purchasing the asset.

Whales Lead the Charge

Notably, the buying trend has been particularly strong among Cronos’ top holders, who have collectively acquired 211 million tokens according to Nansen. This marks a significant change in their behavior, as they had previously withdrawn from the market and were largely inactive. Their earlier inactivity contributed to the market's weakness in recent times.

Cronos top addresses

Historically, heightened buying activity, especially from large investors, tends to result in increased upward price momentum. Additionally, exchange data supports this sentiment change. As reported by CoinGlass, Spot Netflow turned negative again after a brief spike the previous day, with Netflow measuring -$274k, down from $731k. This illustrates a trend of increasing withdrawals compared to deposits.

Cronos Spot Netflow

Such an outflow situation typically indicates that most exchange participants are engaging in purchasing assets, reinforcing the case for a bullish market.

A Temporary Flick or a New Beginning?

Cronos has managed to recover from previous lows, boosted by the return of buyers, particularly whales, who helped stabilize the crucial support level. This surge in demand for the cryptocurrency has revived the upward trajectory. The altcoin’s Stochastic Momentum Index (SMI) showed a bullish crossover, climbing to -51, while its MACD also indicated a bullish crossover, suggesting growing buyer strength.

CRO SMI & MACD

These indicators hint at sustained momentum and potential continuation of an upward trend. If buyers, especially large investors, maintain their positions, the value of CRO could climb toward $0.13. However, should the momentum falter, the price may retreat back toward $0.10.