invezz.com
Crypto.com (CRO) price went parabolic on Wednesday after the developers announced a new partnership with Amazon AWS. Cronos token jumped to a high of $0.076, the highest point since March 2. In all, the coin has jumped by more than 21% from the lowest level in March.
Cronos AWS partnership
One of the biggest cryptocurrency newswas that Cronos had inked a partnership with Amazon AWS. The partnership will see Cronos Labs use AWS Activate, a product that helps startups and early-stage companies succeed in the cloud. Companies in the Cronos Accelerator Program will also leverage this partnership.
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Cronos hopes that this partnership will help it compete better with other leading blockchains like Ethereum, Avalanche and Solana. Participants in the accelerator program will go through a 12-week program while selected firms will receive a grant worth about $30,000 in seed funding.
AWS is a big deal since it is the biggest cloud platform in the world. It currently powers most of the biggest companies in the world, including Airbnb, Meta Platforms, Adobe, and Salesforce. The statement added:
“Through this collaboration, startups will benefit from the scalability, security, and flexibility of AWS’s cloud infrastructure, allowing them to build and deploy their blockchain-based applications quickly and efficiently.”
Cronos is facing numerous challenges, with the biggest one being the rising competition. According to DeFi Llama, the total value locked (TVL) in the ecosystem has dropped from an all-time high of $4.5 billion to just $479 million. It has been overtaken by the likes of Kava, Optimism, and Arbitrum.
CRO price prediction
CRO chart by TradingView
Crypto.com coin price made a bullish breakout on Wednesday after the partnership with Amazon’s AWS. It jumped above the key resistance point at $0.073, the highest point on April 19. It then quickly retreated as the bullish momentum faded.
The token remains comfortably above the 25-period and 50-period exponential moving averages. It remains slightly above the first resistance point of the Fibonacci pivot point. Therefore, there is a likelihood that the token will pull back as sellers target pivot point at $0.06, which is about 10% below the current level.