Cronos spiked 5% in the past week to continue its bullish trajectory. An in-depth on-chain analysis reveals that the number of long-term holders is increasing. How could this impact CRO price?
There was a positive divergence between CRO price and daily active addresses during the recent downswing.
Cronos Did not Lose Traction During the Recent Downswing
Cronos (CRO) is the native cryptocurrency of Cronos Chain — a decentralized, open-source blockchain network developed by Crypto.com exchange. On March 22, CRO price surged 5% as the crypto markets appeared to react to the news that the exchange had obtained a preparatory license in Dubai. Underlying on-chain metrics suggest that there may be more gains ahead for CRO holders.
During the recent 13% price correction between March 1 and March 20, the yellow line in the Santiment chart shows how daily active addresses grew in the opposite direction, from 473 to 726.
