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

The Bitcoin price has recently surged past $108,000 and maintained its position above this level. Consequently, leading cryptocurrencies like Ethereum, XRP, Solana, Tron, Dogecoin, and Cardano are holding above their respective support levels. Cronos, in particular, experienced a significant price spike due to external factors, while other tokens also saw noteworthy gains. Overall, the crypto markets currently appear relatively stable, with market capitalization and trading volume remaining within a consistent range.

Despite Bitcoin's price inching closer to its all-time high, market sentiment remains neutral. Bitcoin continues to command a substantial market dominance. Cronos (CRO) and Raydium (RAY) are leading the charge with double-digit gains, followed by popular memecoins. Other tokens are also experiencing decent gains, suggesting a stabilized market environment.

Cronos Consolidates After Significant Breakout

The CRO price has seen a slight pullback of approximately 5% after an impressive surge of over 22%. This surge was triggered by its inclusion in the Truth Social Blue-Chip ETF filing. The token successfully broke above a multi-month consolidation zone and attracted significant trading volume, jumping from around $10 million to as high as $230 million within a few hours.

While the long-term price action suggests a potential bearish trend as sellers take profits, short-term indicators hint at a reduction in selling pressure. The CRO price is currently striving to maintain its local support at $0.0897, which could potentially trigger a strong bullish rebound. The StochRSI has reached oversold territory, while the hourly MACD indicates a rise in selling pressure. However, the chart pattern suggests that the support level may hold firm, potentially leading to a strong upswing back to the local highs and eventually reaching $0.1.

Raydium Gears Up for a Parabolic Recovery

Raydium is steadily climbing, fueled by a significant increase in buying pressure. It is currently trading at $2.42, marking a substantial increase of over 13% in the last 24 hours. The token broke through the $2.3 level with a strong bounce after rebounding from lows around $2.01. This breakout is supported by a substantial rise in trading volume and a clear upward trend.

RAY price appears to be undergoing a parabolic recovery that began earlier in the month. The recent surge has pushed the price above the 50-day MA, which is now acting as a temporary support level. A daily close above this level would validate the upward trend, but until then, the possibility of a pullback remains a concern. On a positive note, the RSI is increasing, indicating growing strength in the rally. Therefore, the next key levels to watch are $2.42, followed by $2.56 and $2.7.