The Cronos price has joined the rest of the cryptocurrency industry in selling off as risks rose. CRO, the platform’s native currency, has dropped to a low of $0.1691, which is close to its all-time low. Moreover, it has retreated by more than 80% from its all-time high, bringing its total market cap to about $4.1 billion.
Cronos is a leading blockchain project that was created by Crypto.com, a large Singapore-based company. The platform hopes to disrupt the industry that Ethereum currently dominates. It prides itself on having significantly fast speeds, scalability, and interoperability. Developers access the company’s ten million customers and millions in development funds.
Cronos has achieved a lot of success in a short period of time. There are already thousands of developers who are building on the platform. Already, it has attracted multiple developers such as VVS Finance, Tectonic, MM Finance, and Multichain, among others. Some of the NFT projects in its platform are Cronos Chimp Club and Agora.
While Cronos has been a successful platform, the CRO price has not done well. The coin has already crashed by more than 80% from its all-time high. This has been in sync with the performance of the other altcoins like Avalanche and Cardano. At the same time, the weak performance of key industries like NFTs and DeFi.
Turning to the daily chart, we see that the CRO price has been in a strong downward trend. The sell-off gained momentum after it moved below the support at $0.3275, which was the lowest level in January. As a result, the coin has now formed a bearish pennant pattern, which is a bearish sign.
In addition, the coin has moved below the short and long-term moving averages. Therefore, the outlook of the CRO price is still bearish because of the bearish pennant pattern. The next key support level to watch will be at $0.1500. The stop-loss for this price will be at $0.200.
This post was last modified on May 27, 2022, 09:12 BST 09:12