In February 2021, Cronos set a new all time high in the 22 cent range. In the months that followed, Cronos bottomed at about 8.7 cents.
And then in November, it went parabolic setting a new all time high in the 92 cent range.
When we applied the fibonacci retracement tool to these measured moves, we found that 92 cents hit the 4.236 almost perfectly.
In the year to follow, the Cronos token bottomed in the 5 cent range losing about 95% of its value.
If we apply the fibonacci retracement tool using the 92 cent all time high and the 5 cent bottom that followed, a 4.236 extension would set the price at about $3.70.
Therefore, we are setting the target price in the three dollar range.
As the market plays out, we may have to revise our thinking and make adjustments to our exit strategy, but for now, Cronos has the potential to be a 3 dollar and seventy cent token.
This is not financial advice. Please do your own research.
