- Cronos price crashed to the lowest level since March 16th.
- Crypto.com extended its partnership with MIT Media Lab.
- Cronos transactions have been in a downward trend.
The Cronos price has been in a strong bearish trend even as the ecosystem growth continues. CRO has crashed to $0.3845, which was the lowest level since March 16th this year. It has dropped by over 23% from its highest level this month. Its market cap has fallen to about $9.27 billion, making it the 18th biggest cryptocurrency in the world.
Crypto.com MIT Lab partnership
Cronos is the blockchain platform that was developed by Crypto.com, one of the biggest cryptocurrency exchanges in the world. The network, whose mainnet went live in November last year, was previously known as Crypto.org Chain.
In the past few months, Cronos has been in a spectacular growth as demand for its ecosystem grows. According to DeFi Llama, the network’s total value locked (TVL) has risen to over $3.7 billion. This makes it one of the biggest blockchains in the world.
The biggest app in Cronos is VVS Finance, which has a total value locked (TVL) of over $1.2 billion. It is a simple platform that lets people swap coins at a lower fee. It also has a liquidity provider platform that lets people earn a return for providing their tokens. For example, the CRO-SKY farm has a yield of 245% while Auto VVS has a return of 16.95%.
The other leading applications built using the Cronos application are MM Finance, MM Optimizer, Tectonic, and DarkCrypto among others. However, a closer look at the ecosystem shows that its activity is slowing. For example, the TVL of Cronos has crashed from about $4 billion. And as shown below, the number of daily transactions has dropped.
Meanwhile, Crypto.com announced that it was committing four years of support for MIT Media Lab’s Digital Currency Initiative. The goal is to support DCI’s research into security and other infrastructure protocols.
Cronos price prediction
The daily chart shows that the CRO price has been in a strong bearish trend in the past few weeks. As a result, the coin has crossed the important support at the 50-day moving average while the Stochastic Oscillator has moved to the oversold level. Other oscillators like the Relative Strength Index (RSI) and MACD have also been falling.
Therefore, there is a likelihood that the coin’s price will likely keep falling as bears target the key support at $0.35.
Contributors
