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- 1 The transactions are processed quickly on the Cronos network because of Tendermint.
- 2 The CRO coin price rose by 285% in 2021.
- 3 The current uptrend is sustainable, according to the technical analysis.
Cronos network processes transactions quickly and inexpensively thanks to the Tendermint consensus engine. Recently, Cronos Labs introduced a new layer-2 network, “Cronos zkEVM chain,” faster and cheaper than Ethereum for confirming transactions.
The “zkEVM chain” is an auxiliary network based on Matter Labs’ software tools and was initially launched as a test network. It can be leveraged to create new layer 2 and layer 3 “hyperchains” on top of Ethereum.
Omar Azhar, Matter Labs’ head of business development, asserts that Cronos being the first layer-1 blockchain to deploy as a hyperchain is a testament to the ZK Stack architecture. Cronos and Crypto(dot)com have established a significant community, with over 80 Million crypto users currently addressable.
Technical Analysis and Prediction of the CRO Coin Price
In early 2021, CRO experienced significant growth of around 285% from $0.06362 to $0.2452 in response to a bullish market.
The positive sentiment surrounding its value was brief, and the bearish trend limited opportunities for bullish investors to enter the market. Those considering entry should wait for weakened bearish momentum or a potential reversal.
Cronos crypto price is bearish, with $0.055 as critical resistance and $0.04972 as strong support. Past performance can help assess its potential price forecast, but it’s not always an accurate predictor of the future.
| Pivot | Classic | Fibonacci | Camarilla | Woodie |
| S3 | — | 0.028 | 0.072 | — |
| S2 | 0.028 | 0.052 | 0.078 | 0.028 |
| S1 | 0.059 | 0.067 | 0.083 | 0.058 |
| P | 0.091 | 0.091 | 0.091 | 0.090 |
| R1 | 0.121 | 0.115 | 0.095 | 0.120 |
| R2 | 0.154 | 0.130 | 0.101 | 0.153 |
| R3 | 0.216 | 0.154 | 0.106 | 0.183 |
Cronos is a top blockchain network, however not quite as large as Ethereum. CRO has been declining since May, with a dismissal at the $0.08 mark. CRO coin is as of now hovering at $0.100 after a bullish move starting from the beginning of November.
The Investors appear to be sure because of the golden crossove of 50-day and 150-day EMAs. RSI is at 53, showing a supportable uptrend. The coin price expectation for the CRO token is bullish representing the supportability of the upturn.
Conclusion
The Tendermint consensus engine enables Cronos network to swiftly and inexpensively handle transactions. CRO witnessed a 285% increase in the beginning of 2021. The outlook for CRO coin price is optimistic, considering the durability of the upward trend.
Technical Levels
- Support Levels: $0.0840 and $0.0661
- Resistance Levels: $0.123 and $0.1584
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.