- Crypto.com Coin soared this week after Cronos partnered with AWS.
- AWS, owned by Amazon, is the biggest cloud computing platform in the world.
Cronos (CRO) price made a bullish breakout this week after the developers unveiled a new partnership with Amazon’s AWS. The token jumped to a high of $0.08, the highest point since February 23rd of this year. It has risen by more than 25% from the lowest point this year.
Why is CRO price rising
The main reason why the Crypto.com coin price jumped is the latest partnership between the developers and AWS. AWS is the cloud division of Amazon and is the biggest player in the industry. It competes with the likes of Microsoft Azure and Google Cloud.
In a statement, Cronos said that the partnership will make it easier for developers in the ecosystem to take advantage of Amazon’s cloud platform. In addition, members of the accelerator program will have access to these tools with the winners receiving $30,000 in cash to build their dApps.
Despite the good news, Cronos is facing a number of challenges in its ecosystem. Like other chains, it is contending with the rising competition from layer 1 and layer 2 networks that are taking market share. The top layer 1 chains it is competing with are Ethereum, Avalanche, and Tron.
On the other hand, the top layer-2 blockchains are Arbitrum, Optimism, and Polygon. Arbitrum has seen the total value locked (TVL) jump to over $3.86 billion while Cronos’ TVL has fallen from over $4.4 billion to $484 million. In CRO terms, the platform has a TVL of $C6.71 billion, down from an all-time high of over C17 billion.
The biggest dApps in Cronos are struggling to compete with the mainstream one. Tectonic (TONIC), a lending platform is competing with Compound while VVS Finance and Ferro are competing with mainstream products like dYdX and Uniswap.
CRO price prediction
On the 4H chart, we see that the CRO price made a bullish breakout on Wednesday and reached a high of $0.0764. It then pulled back and then surged on Thursday. As it jumped, the token moved above the key resistance point at $0.076, the highest point on March 14th and the 50% Fibonacci Retracement level.
The CRO coin remains above the 25-day and the 50-day exponential moving averages. Therefore, there is a likelihood that the coin will continue rising in the near term as buyers target the next key resistance point at $0.085. A move below the support at $0.070 will invalidate the bullish view.
