Cronos Continues to Trade Lower; Will CRO Recover?
Crypto.com’s dominance and rise of Cronos blockchain ecosystem focused on payments, trading, and financial services have allowed an open field. Currently, ranking at 18th position with a combined market capitalization of $10 billion and 83% liquidity, can CRO outgrow BNB? Well, both these crypto-focused tokens have a positive outlook but on different services.
The technical chart patterns show CRO seems to take massive support from its 200 DMA. As per Crypto.com coin price prediction, the token has strong market potential. The coin trading above its 200 DMA shows the buyer’s belief in this token. Despite the downtrend movement, CRO’s near 70% fall is similar to other crypto falls, and CRO has managed to trade above its 200 DMA curve.
Since taking a dip to its support level of $0.33 during January 2022, there was a small scope that CRO might hit a bottom level in this negative trend. This expectation came out short as its 200 DMA and support levels have remained positive, focused towards a brighter outlook.
Despite falling 70% from its peak, its RSI trading over neutral zones indicates a positive outlook in the near term also. With the descending triangle pattern receding, there seems to be a probability of CRO exploding beyond $1.
Even if this coin comes toe to toe with Binance Coin, there would be significant growth in its price action. The long-term outlook also seems optimistic.