Cronos (CRO), the cryptocurrency associated with Crypto.com, has been making waves recently, with a notable price surge over the last 36 hours. Up by nearly 28% at press time, the asset has shown bullish momentum, breaking through crucial resistance levels. However, despite these gains, market indicators suggest that a minor pullback could occur before a potential rally towards the $0.10 mark.

Bullish Market Structure and Strong Buying Pressure

On the daily chart, Cronos has established a bullish market structure, with rising buying pressure supporting the price action. The asset recently surpassed the $0.0975 resistance level, attempting to break the $0.105 barrier. This price action is particularly notable because it occurred on the back of strong volume, signaling that there’s enough momentum for further gains in the coming weeks.

The On-Balance Volume (OBV) metric, which tracks trading volume relative to price movement, showed a significant uptick, confirming the strength behind the recent breakout. Additionally, the Relative Strength Index (RSI) surged past the neutral 50 level, indicating strong bullish momentum and suggesting that there is room for further upside if demand continues to rise.

Potential Pullback and Liquidation Risk

Despite the bullish outlook, there are signs that a short-term pullback could occur. The liquidation heatmap suggests a possible 5% dip in Cronos’ price before any continuation of the uptrend. This dip could take the price down to the $0.098 level, which is a key support zone on the chart. Traders should be aware that a dip to this level may provide a buying opportunity before the price potentially continues its upward trajectory.

In addition, the Funding Rate for Cronos has been sharply negative, currently standing at -0.3%. This indicates that short sellers are dominating the derivatives market, and if the price fails to maintain its upward momentum, it could signal a local top for Cronos, much like the price action observed earlier in March when the price peaked at $0.093.

Key Levels to Watch: $0.10 and Beyond

The $0.10 level is a critical price point for Cronos. If the asset manages to flip this level into support, it could set the stage for a continued rally. However, if the price sinks below $0.1 and falls back to the $0.0975 level, the recent gains may be invalidated, and the market could be in danger of a reversal.

Looking at the 1-week liquidation heatmap, two zones of interest stand out: $0.098 and $0.118. These levels are likely to play a significant role in the coming days. Swing traders might consider looking for a retest of the $0.098 demand zone as a potential buying opportunity, with a target price of around $0.118 to $0.12, where significant liquidity could be found.

Conclusion: What’s Next for CRO?

In summary, Cronos (CRO) has shown impressive price action, breaking through key resistance levels and establishing a bullish market structure. While a minor pullback to the $0.098 level may be in the cards, the overall outlook remains positive. If the asset manages to hold above $0.0975 and $0.10, there’s a good chance that CRO could rally further, potentially reaching the $0.118-$0.12 liquidity cluster in the near future. Traders should monitor the key levels carefully and be prepared for short-term fluctuations, while keeping an eye on the broader bullish trend.