invezz.com
08 November 2024 08:14, UTC
Cronos price went parabolic this week, surging to its highest level since August 9 after several important ecosystem news and after positive macro events. The CRO token soared to a high of $0.0977, up by almost 30% from the current level.
Cronos, formerly known as Crypto.com Coin, has recovered modestly as the developers moved to the artificial intelligence (AI) industry.
In a statement, the developers, who are part of the Crypto.com team, said that they launched new blueprint for an AI agent-powered ecosystem on Cronos. The goal is a situation where AI agents can interact autonomously.
The developers hope that Cronos will become the most important chain for developers building AI-powered networks.
🧠 Today we are unveiling the blueprint for an A.I. agent-powered ecosystem on Cronos 🌌 The roadmap supports Cronos’ vision as the chain where A.I. agents can interact and transact autonomously. 🛠 Easy-to-use A.I. tools and major protocol improvements will drive a…
This is a major development because of the importance of the artificial intelligence technology in today’s industry. For example, the evolution of AI has made NVIDIA to be the biggest company in the world with a market cap of over $3.6 trillion. It has also helped to propel other firms like Microsoft and Broadcom.
Cronos now joins other blockchains that are hoping to become big names in the AI industry like Near Protocol, Sui, and Cardano.
In a separate announcement, the developers announced a new partnership with Google. This new collaboration means that Google has joined the Cronos ecosystem as a validator. Google will also support developers working in the Cronos ecosystem.
🤝 Today, Cronos Labs announces an expansion of its strategic partnership with Google Cloud @googlecloud. ☁️ With this collaboration, Google Cloud has joined the Cronos ecosystem as a validator and will support independent developers in a wide range of ways. 👉 Learn more:…
These developments came as Cronos is playing catch up with other chains that are doing much better. For example, Cronos has just a few DEX networks, including VVS Finance and Fulcrom. Data by DeFi Llama shows that the volume traded in these DEX networks has been in a strong downward trend, as shown below.
Cronos DEXes handled just $29.8 million in the last seven days. This means that the network has been passed by other newer networks like Base, Sui, Dexalot, and Mantle. This performance is because Cronos does not have a meme coin ecosystem.
The same trend is happening in other areas, where Cronos lacks market share. For example, Cronos has a total value locked (TVL) of $431 million, making it the 19th biggest chain in the industry.
Cronos also has no major market share in the non-fungible token (NFT) industry. According to CryptoSlam, the network had NFT sales of less than $46,000 in the last seven days.
Therefore, the developers hope that these updates will help to draw developers and users to its network. The challenge is that the layer-1 and layer-2 industries have become highly competitive these days.
For example, Base Blockchain, which was launched in 2023, has now become a major player in the industry. It is the biggest layer-2 network in the industry, and analysts believe that it will continue growing.
A likely reason why Cronos has struggled is that it has not attracted major developers like AAVE and Uniswap.
Read more: Cronos (CRO) completes mainnet upgrade to enhance dApp deployment
The daily chart shows that the CRO price has made a strong rebound in the past few days. This recovery happened after the token formed a falling wedge pattern, one of the most bullish patterns in the market.
The token has formed an inverse head and shoulders pattern, a popular bullish sign in the market.
Cronos token has also formed a bullish pennant chart pattern, which often leads to more gains. It has moved above the 200-day Exponential Moving Average. It is also attempting to retest the 23.6% retracement point.
Therefore, Cronos price will likely continue rising as bulls target the 50% retracement point at $0.1257, which is about 40% from the current level.
The post Cronos price analysis: here’s why CRO could surge 40% appeared first on Invezz
