- Cronos price has been in a tight range in the past few days.
- It remains about 53% below its all-time high.
The Cronos price downward trend has slowed down in the past few days as the sell-off takes a breather. The coin is trading at $0.4478, which is still about 53% below its all-time high. Its market capitalization is currently at $11.3 billion, making it the 18th biggest cryptocurrency in the world.
CRO sell-off takes a breather
Cronos, formerly known as Crypto.com Coin, is the native cryptocurrency for the Crypto.org chain network. It is also the local currency that powers the Crypto.com ecosystem.
For starters, Crypto.com is one of the leading cryptocurrency exchanges that handle billions of transactions every day. The Singapore-based company has been in the headlines in the past few months because of its giant spending.
The company is now one of the biggest advertisers in Formula 1, the most popular single-seater racing competition in the world. It also spent over $10 million advertising in the recently concluded Super Bowl event that was viewed by more than 100 million people.
Crypto.com is also involved in the NBA competition. It spent over $700 million to acquire the naming rights of Staples Center, which is the home of the LA Lakers.
Crypto.com owns Crypto.org Chain, which is a smart contract-enabled platform that enables developers to build decentralized applications in multiple areas like DeFi, DEX, infrastructure, and the metaverse. Cronos is the native token that runs the ecosystem.
In the past few months, a number of developers have embraced the ecosystem. Some of the top projects built with it are WS Finance, Tectonic, Cronos Bridge, and CronaSwap among others. The Cronos price has risen slightly this week because there are signs that developers are embracing the platform.
It has also risen in line with other cryptocurrencies. Bitcoin has risen above $44,000 while the total market capitalization of digital coins has jumped to over $2 trillion.
Cronos price prediction
The daily chart shows that the CRO price has held steady in the past few days. It is trading at $0.44, where it has been since Monday. A closer look shows that it has formed a triangle pattern and moved slightly below the 25-day and 50-day moving averages. Cronos is slightly above the 61.8% Fibonacci retracement level.
Therefore, with the triangle pattern nearing its confluence level, there is a likelihood that a breakout will happen soon. While it is too early to predict, the breakout will be in the lower side.
