invezz.com
Cronos (CRO) price has joined other cryptocurrencies in a spectacular rally even as its ecosystem remained under pressure. The token surged to a high of $0.1540, its highest point since August 2022. It has jumped by more than 200% from its lowest point in 2023.
Cronos is losing market share
Cronos is a blockchain project that is backed by Crypto.com, one of the biggest players in the cryptocurrency industry. Crypto.com is also one of the biggest spenders in marketing, sponsoring key events like Formula One.
Cronos has struggled to gain market share in the decentralized finance (DeFi) industry even after its initial success. Data compiled by DeFi Llama shows that the network has over $516 million in Total Value Locked (TVL), which has jumped by over 50% in the past 30 days.
The biggest players in the platform are VVS Finance, Tectonic, Ferro, and Veno Finance. VVS Finance and Tectonic account for over 50% of the assets locked in the ecosystem.
The recent TVL gains is mostly because of the CRO price performance. In CRO terms, the TVL has dropped 3.97 billion, its lowest level in more than a month.
A closer look at its key networks shows that they are not doing well too. For example, VVS Finance, its biggest DEX in terms of TVL, handled just $20 million in tokens in the past 24 hours. This makes it the 32nd biggest DEX in the world in terms of volume.
On the positive side, Ferro Protocol handled $177 million worth $177 million, making it the eighth-biggest DEX in the world. The most active tokens in the ecosystem were Cosmos Hub, Liquid ATOM, and Dai.
Meanwhile, Crypto.com has been overtaken by several other exchanges in terms of volume. It handled tokens worth over $606 million, making it the eighth-biggest exchange in the world. It has been overtaken by the likes of Kraken, KuCoin, Gate.io, and HTX.
Therefore, the CRO price has jumped because of its general correlation with other cryptocurrencies as the bull run intensifies. Other cryptocurrencies like Solana, Bonk, and Avalanche have also jumped recently.
CRO price forecast
CRO chart by TradingView
The daily chart shows that the CRO price has done well in the past few days. It has moved from last month’s low of $0.072 to a high of $0.1540. As it jumped, the token managed to move above the important resistance point at $0.1224, its highest swing in November last year.
Cronos has remained above the 50-day and 100-day Exponential Moving Averages (EMA). The Relative Strength Index (RSI) and the Percentage Price Oscillator (PPO) have all pointed upwards.
Therefore, the outlook for Cronos is bullish as the bull run continues. If this continues, the next point to watch will be at $0.1650.
The post What’s going on with Crypto.com’s Cronos (CRO) price? appeared first on Invezz