Over the past few months, the price of the Cronos cryptocurrency has fluctuated along with the broader cryptocurrency market. Investors have become increasingly cautious about investing in cryptocurrency projects due to the high levels of risk they carry. One project that has been affected by this trend is the Cronos project, which is the native token of Crypto.com.
Part of the reason why people have been wary of investing in Cronos is due to the recent collapse of the FTX cryptocurrency exchange. The collapse, which was triggered by Binance CEO Changpeng Zhao pointing out problems with the FTX’s native token FTT, caused a meltdown in the crypto market and sent the entire industry into a bearish trend.
Unfortunately for Cronos, the collapse of the FTT token and the subsequent failure of FTX have made people hesitant to invest in a similar project. As a result, the Cronos price has struggled to recover following its 42 per cent drop in November. The CRO token, which is the native token of Crypto.com, has also been affected by the broader market downturn.
As seen from the above fundamental analysis, the chances of recovery for the Cronos project are slim. With most investors being cautious about the project, combined with the crypto industry downturn and fear that Cronos might face the same fate FTT faced, I expect the current bearish trend to continue for the next few trading sessions.
Based on technical analysis and long-term price action, there is also a high likelihood that we might see Cronos remaining in a bearish trend for the long-term IT is likely that the project’s price might fall below the $0.0050 in the coming sessions. However, a trade above the $0.0070 price level will invalidate my bearish analysis.
This post was last modified on Dec 06, 2022, 11:25 GMT 11:25