Cronos (CRO) decreased by 18% in May. Bearish momentum is reaching critical levels. On-chain data shows that long-term holders are becoming more reluctant to sell at the current low prices. Can they accidentally trigger a Cronos price rebound?

Cronos (CRO) has been in a downward trend for three months in a row. As unrealized losses accumulate, investors appear more unwilling to sell. How might this impact the price of CRO in the following days?

Cronos Long-Term Investors Stand Firm

As the bearish momentum persists, long-term investors on the Cronos network now seem to be holding out for future profits. Mean Coin Age is a key indicator of this.

Mean Coin Age assesses how long coins in circulation have stayed in their previous wallet addresses.

Between May 8 and June 1, CRO Mean Coin Age increased by 21%, from 37.13 to 33.38.

When Mean Coin Age significantly increases, tokens remain in their current wallet addresses for longer. As shown above, Cronos holders are resisting selling to avoid substantial book losses.

If this trend continues, they could sell off Cronos’ market supply and accidentally trigger a price rebound.

Investors Turn to Staking Options

As CRO prices continue to fall, holders now seem to be turning to yield-bearing protocols to lessen their losses. The chart below shows that CRO holders have staked an additional 5.6 million tokens (0.022% of the total circulating supply) between May 8 and June 1. 

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Supply in Smart Contracts measures a cryptocurrency’s circulating supply that investors have locked up in staking protocols. Locking up tokens reduces the volume available to be traded on crypto exchanges. 

If Cronos investors continue to increase their stakes at the current rate, CRO could defend the $0.059 resistance level.

CRO Price Prediction: Possible Rebound to $0.07?

Given the increased staking activity and long-term holders’ reluctance to sell, CRO’s price might rise to $0.07 in the next few days. According to IntoTheBlock’s Global In/Out of The Money Around Price (GIOM) data, CRO will face its initial resistance near $0.064.

As shown below, 13,000 investors who bought 170 million CRO at an average price of $0.064 could create a sell wall. However, if the resistance breaks as expected, the price could rise further to $0.07.

​​On the other hand, the bearish prediction could prevail if CRO unexpectedly drops below the crucial $0.059 support zone.

Yet, the 2,000 investors who purchased 18.5 million CRO at an average price of $0.0.59 will likely avoid the drop. Nonetheless, if that support level is breached, CRO could retrace further to $0.050.