The Cronos price has driven for the past few days regardless of the ecosystem’s fast growth. CRO has been trading at $0.4170 the past few days, about 65% lower than its highest, bringing it to a $10 billion market cap.
Crypto.org Chain ecosystem growth
Cronos, initially Crypto.com coin, is a crypto.org smart chain, similar to Avalanche, Ethereum, and Fantom.
Lately, the Cronos ecosystem has been growing strongly as developers embraced it. Its total value locked (TVL) rose to over $1 billion in a month and is currently at about $2.44 billion, its highest ever.
Its major growth is from VVS Finance, the largest app in its ecosystem that enables people to swap their coins and trade. The platform also enables users to make money through liquidity provision to the network. For instance, it has over $263 million in staked liquidity for the CRO-ETH pair.
More leading DeFi platforms on the Cronos ecosystem are MM Finance, Tectonic, and MM Optimizer, with a TVL of over $100 million, while Beefy Finance and Autofarm are coming up.
Analysts trust that Cronos can rival Ethereum due to its strong performance. Moreover, it’s faster and has cheaper transactions. The team behind Cronos is also ready to improve its marketing strategy to boost the network.
The next significant impetus for Cronos price will be Friday’s forthcoming Farm Payrolls (NFP) data.
Cronos price prediction
The daily chart shows that the CRO price has been in a tight range for the past few days. It dropped by more than 60% from its highest level in 2021. concurrently it formed a triangle trend and is recently trading along 25-day and 50-day moving averages.
Hence, Cronos has a neutral pattern with a bearish bias. As the triangle pattern gets close to its confluence point, it’s possible that it will retest the key support level at $0.30