Crypto Market Today —Top Tokens Stabilise While Cronos Explodes With Over 2000% Rise in Volume, Followed by Raydium

The post Crypto Market Today —Top Tokens Stabilise While Cronos Explodes With Over 2000% Rise in Volume, Followed by Raydium appeared first on Coinpedia Fintech News

The Bitcoin price surged above $108,000 in the past few days and has remained sustained above the range. With this, the top 10 tokens like Ethereum, XRP, Solana, Tron, Dogecoin and Cardano, hold above their respective support. Meanwhile, Cronos price spiked heavily due to the external factors, while the other tokens attracted notable gains. Therefore, the current crypto markets appear to be largely stable, with the market capitalisation and volume remaining within a range. 

Although the BTC price is an inch close to its ATH, the market sentiments continue to remain neutral, while the star token continues to hold a huge dominance. Besides, Cronos (CRO) and Raydium (RAY) attract double-digit gains, followed by popular memecoins. Meanwhile, the other tokens attract decent gains, hinting towards the markets experiencing a stabilized state. 

Cronos Settles After A Massive Breakout

The CRO price experienced a pullback of nearly 5% after rising by more than 22% following the inclusion in the Truth Social Blue-Chip ETF filing. The token not only broke above the multi-month consolidated zone but also attracted volume that surged from levels around $10 million to as high as $230 million within a few hours. 

The long-term price action appears bearish as the sellers have booked the profit, but the short-term price action hints towards a drop in their actions as well. The CRO price is trying hard to hold the local support at $0.0897, which may offer a strong bullish rebound. The StochRSI has reached the oversold range, while the hourly MACD displays a rise in the selling pressure. However, the chart pattern suggests the support could be held firmly, which may further reinstitute a strong upswing back to the local highs and eventually achieve $0.1. 

Raydium Preparing for a Parabolic Recovery

Raydium is climbing steadily with a significant rise in the buying pressure and is currently trading at $2.42 with a huge rise of over 13% in the past 24 hours. The token broke the $2.3 level with a strong bounce after bouncing from the $2.01 lows. This breakout is backed by a massive rise in the volume and a clean trend. 

RAY price appears to be undergoing a parabolic recovery that initiated before the start of the month. The latest rise pushed the price above the 50-day MA, which is now serving as a temporary support. A daily close above the levels could validate the rise, but until then, the fear of the pullback may haunt the rally. On the other hand, the RSI is incremental, which hints towards the rising strength of the rally. Therefore, the next levels to look out for are $2.42, followed by $2.56 and $2.7.