CRO is up by 5% as Cronos mainnet upgrade draws closer

The cryptocurrency market has been underperforming since the beginning of the week.

The crypto market is off to a bad start to the week. Total market capitalization he remains above $1 trillion, even though the broader market has lost more than 4% of his value in the last 24 hours.

Bitcoin has fallen from last week’s high of $24,000 and is trading above the $22,000 support level. Ether remains above $1,500 despite losing 6% of its value in the last 24 hours.

However, CRO, the native token of the Crypto.com exchange, is the best performer among the top 30 cryptocurrencies by market cap. CRO is up more than 5% in the last 24 hours, outperforming other major cryptocurrencies in the process.

A key factor behind CRO’s strong performance is the Khronos Chain Mainnet UpgradeCrypto.com has announced that it will support the Cronos mainnet upgrade which is scheduled to take place at the height of block 3,982,500 on August 3, 2022 at 02:00 UTC.

Important Levels to Watch

The CRO/USD 4-hour chart is bullish as the cryptocurrency has performed well over the past few days.

The MACD line is above the neutral zone, indicating strong bullish momentum. A 14-day Relative Strength Index of 64 indicates that CRO may enter overbought territory if the rally continues.

At the time of writing, CRO is trading at $0.1439 per coin. If the bull market continues, CRO could see him break the $0.155 resistance level by the end of the day. However, broader market support is needed to break the $0.160 resistance level in the short term.

The market remains bearish and CRO may lose some of its gains and break below the $0.137 support level. However, CRO needs to hold his position above his second major support level of $0.1332 in the short term.