- Cronos forms higher lows and an inverse head and shoulders pattern, signaling a potential multi-year bullish trend toward $0.8868.
- CRO has stabilized after a 2023 bottom and now trades near $0.17, with strong technicals suggesting a breakout above $0.20 resistance.
- Bullish price structure, increased volume, and consistent green candles support the outlook for a 750 percent rally in the long term.
Cronos ($CRO) is showing renewed bullish strength as it eyes a long-term price target of $0.8868. Currently trading near $0.17, CRO is riding the momentum of a technical breakout that could lead to massive upside. The price structure signals the formation of a potential multi-year reversal pattern. Moreover, higher lows continue to form, suggesting that the bulls are firmly in control. With a projected gain of over 750%, market sentiment has begun to shift toward optimism.
Downtrend Bottom Signals Market Shift
The analysis illustrates a structured price history from 2018 to 2028. Around 2021, CRO reached a major peak near $1.10 before entering a steep downtrend. This decline followed a descending channel that eventually bottomed in 2023. That bottom marked a crucial turning point. Prices stabilized at this level, forming a strong support base. Consequently, the market transitioned into a recovery phase shortly after.
Source: Javon Marks
Besides, this rebound has been supported by the appearance of higher lows and higher highs. This classic market structure confirms a steady uptrend. A horizontal resistance level at $0.20 has been tested repeatedly. Hence, a clean breakout above this threshold could lead to strong upside momentum. Additionally, a key inverse head and shoulders pattern appears to be forming during this recovery, further supporting the bullish outlook.
Bullish Indicators Point to Explosive Move
The inverse head and shoulders pattern is a major bullish signal. It typically precedes long-term trend reversals. The second higher high completes this pattern, offering technical confirmation of strength. Moreover, this setup enhances the probability of a upward breakout.
Green candlesticks outnumber red ones in recent weeks, adding more fuel to the positive sentiment. Besides, volume appears to be rising along with price action, reinforcing the breakout narrative. The $0.20 level remains the immediate resistance. However, once breached, prices could accelerate quickly toward the $0.8868 target.
