Cronos (CRO) is a new utility token from Crypto.com that is specifically designed to facilitate transactions on the platform. The goal of Cronos is to make it as easy as possible for users to get started with crypto and to help them take advantage of all the opportunities that Crypto.com has to offer. With Cronos, you’ll be able to easily purchase other cryptocurrencies, send crypto internationally, and access a wide variety of financial products. So if you’re looking for a convenient way to get into crypto, then Cronos is definitely worth checking out.
Over the past weekend, Twitter was flooded with tweets that Crypto.com was having technical difficulties, and crypto experts convened in Twitter Spaces to discuss the situation. Meanwhile, it was revealed on Sunday that Crypto.com sent more than 80% of its ether holdings, or approximately $400 million in cryptocurrency, to Gate.io, another crypto exchange, by mistake in October. It wasn’t until the transaction was made public via blockchain data that its CEO acknowledged the error.
As the crypto universe deals with the fallout from FTX’s rapid collapse last week and starts figuring out where the contagion might go next, questions have been circulating around Crypto.com, a rival exchange with a similarly flashy strategy to branding and celebrity endorsements.
Cronos Price Analysis
The price chart of CRO coin reflects on the selling pressure faced with the social sentiment turning negative for crypto.com. The price level faced a significant decline of approximately 40% at the start of the week before the price level made a bounceback. The current market price of Cronos is around $0.070 with a market cap of $1.7 billion and volume traded of $28 million. At the time of writing, there are a total of 25.26 billion CRO tokens (83%) out in the market.
Cronos Technical Analysis
The technical chart of CRO token highlights the selling pressure faced due to the overall market conditions and social sentiment created for Crypto.com. The expansion of Bollinger Bands on the downside reflects the magnitude of the downfall faced by the token. Considering the current trend, the width of BB has decreased which suggests that CRO token might have consolidation in the near term and accumulation can take place. This assumption can also be somehow validated by the RSI level which is showcasing neutral nature after having a couple of breakdowns to the oversold region. Overall, the resistance levels for CRO token can be placed at $0.080 and $0.10. If it faces further downfall, the support levels can be placed at $0.050 and $0.030.