CRO bearish trend ends amid Google Cloud partnership and roadmap reveal

CRO became the best-performing crypto asset on November 8 as recent ecosystem developments renewed investors’ interest in the altcoin.

CRO (CRO) increased by 30%, with market capitalization rising from $2.34 billion to over $3 billion last seen 5 months ago. The altcoin has been in a downward trend since March of this year, with its price falling from a yearly high of $0.169 to $0.07 on November 5.

CRO’s downtrend ended the next day after two key developments sparked the rally over the last two days.

On November 6, Cronos unveiled its new roadmap, highlighting AI-powered tools, protocol upgrades, a revised token burn formula, and expanded CRO use cases for dApp development and cloud computing payments.

A day later, Google Cloud onboarded Cronos as its primary validator to help preserve and protect the decentralized nature of the network by generating and validating new blocks.

Additionally, during the AMA session on November 8, Crypto.com founder Kris Marszalek, whose team developed the Cronos blockchain, reiterated the platform’s intention to strengthen the ecosystem, saying, “We will make CRO great again.”

Marszalek’s words and recent developments in the ecosystem have revived the community’s enthusiasm, sparking bullish price predictions for the token, with some members moving towards a $10 price target. See below.

At the time of writing, community sentiment around CRO on CoinMarketCap is largely bullish; 86% of 9,407 investors expected the price to rise from current levels. Supporting this view, CoinGlass data shows that open interest in the CRO futures market increased by 28% to $7.15 million over the past day, and the weighted funding rate changed from negative to positive.

CRO price and ADX chart | Source: crypto.news

Meanwhile, the Average Directional Index showed that the force behind the current rally is gaining momentum and CRO may continue to rise in the short term. Since Bitcoin is currently in the price discovery phase, CRO’s rise could gain additional momentum as positive sentiment spreads to the broader altcoin market.

CRO Bollinger Bands and RSI chart: Source: crypto.news

However, on the 1-day CRO/USDT chart, CRO is positioned at $0.919, well above the upper Bollinger Band. The indicator, along with the Relative Strength Index at overbought levels of 79, suggests that the altcoin may face a reversal in the short term before getting back on its next leg.

In case the price reverses, $0.0772, which also marks the middle Bollinger Band, will serve as an immediate support level.