- Cronos price has dropped sharply in the past few days.
- The ecosystem has been in a strong growth lately.
- Cronos is the next big thing in the crypto industry.
Cronos price has not been left behind in the ongoing cryptocurrency sell-off even as its ecosystem continues to grow. CRO has dropped to $0.44, which was the lowest level since March 24th. It has fallen by more than 12% from its highest point in March.
Cronos Ecosystem Growth
Cronos, formerly known as Crypto.com Coin, is a fast-growing platform for building decentralized applications (dApps). It is an Ethereum Virtual Machine (EVM) compatible network whose mainnet beta went live earlier this year. Cronos uses the proof-of-authority mechanism, which advocates believe is a more streamlined and scalable option.
Crypto.com, its developer, is one of the leading cryptocurrency apps that helps people to buy, sell, and hold coins.
The Cronos price has declined even after the developers launched Cronos Play, a modular suite for developers seeking to build GameFi applications. They described Play as an essential pillar to bring millions of people to Web3. It will provide multiple integrations, developer products, and languages like Unity and Unreal engines. It has also integrated with ChainSafe’ Gaming SDK.
Cronos also announced the second batch of grant recipients. Some of the developers who received the funding were Ebisu’s Bay, Cronos News, Thetanuts Finance, and Lootex.
Meanwhile, its DeFi ecosystem has grown at a faster pace than other platforms. For example, while Cardano has a total value locked (TVL) of less than $400 million, Cronos has crossed the $4 billion milestones. Cardano’s smart contract features went live in August while Cronos’ mainnet was launched in November.
Some DeFi projects built in Cronos have been in a strong growth. For example, MM Finance and VVS Finance have seen their total value locked (TVL) jump to more than $1 billion. What’s notable is that MM has a dominance of just 32%, meaning that other platforms are growing their share. Therefore, there is a likelihood that Cronos is the next big thing in the industry.
Cronos price prediction
The four-hour chart shows that the CRO price has been in a strong bearish trend in the past few weeks. During this drop, the coin moved below the important support level at $0.44, which was the lowest level since April 1.
It has moved below the 25-day and 50-day moving averages while the Relative Strength Index (RSI). Therefore, there is a likelihood that the coin will likely keep falling as bears target the 61.8% Fibonacci retracement level at $0.422. In the long term, Cronos is a good investment.
