Cronos (CRO) and The Graph (GRT) Price Predictions Amid Market Rebound

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Written By Pinang Driod

After registering heavy losses in the past few days, most cryptocurrency assets led by Bitcoin (BTC) and Ethereum (ETH) have signaled an inevitable rally in the coming weeks. The total cryptocurrency market cap gained 10 percent to about $2.65 trillion in the past 24 hours leading to Thursday during the early London session. Bitcoin price rallied about 7.6 percent to reclaim $67k, thus causing more than $318 million in crypto liquidations. 

Cause for Crypto Rebound 

On Wednesday, the United States Federal Reserve announced a hold on its benchmark interest rate, between 5.50 percent and 5.25 percent. Although the US dollar inflation is not entirely tamed, economists predict the Fed will initiate three interest rate cuts during the second half of this year.

With the notable monetary policy change by the Bank of Japan, the cryptocurrency market is expected to benefit from investors fleeing to quality investments significantly.

With Bitcoin’s price en route to reclaiming an all-time high soon, the altcoin market is going to follow suit. Some of the best bets in the altcoin market include layer one (L1) projects and top DeFi-based tokens.

The Graph (GRT)

The Graph (GRT) is a reputable proof-of-stake data infrastructure-based web3 ecosystem backed by top-notch investors led by Coinbase Ventures. The mid-cap altcoin with a daily traded volume of about $226 million has gained more than 56 percent in the past four weeks to trade around 39 cents on Thursday.

From a technical standpoint, the GRT price against the USD is about to rally toward $1.2 in the coming weeks after the ongoing correction ends. Moreover, the weekly Relative Strength Index (RSI) has crossed the 70 level again, indicating the bulls are in control. 

Based on the Elliott wave theory, a fresh GRT bullish wave is about to start fueled by positive fundamental aspects.

Cronos (CRO)

Cronos (CRO), an exchange-based altcoin that is compatible with the Ethereum ecosystem, is in the early stages of the second bull run. After breaking out of a falling trend earlier this year, CRO price has formed higher highs and higher lows, a characteristic of a rising trend. 

With a target of around 50 cents in the midterm, CRO is likely to break the resistance around 18 cents in the coming days.

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