- CRO price has been in a strong bullish trend in the past few days.
- Crypto.com has seen millions of dollars in outflows despite crypto comeback.
- VVF Finance, MM Finance, and Tectonic have had inflows.
CRO price continued surging on Monday as cryptocurrency prices held steady. Cronos coin rose to a high of $0.090, the highest point since November 11. It has surged by more than 51% from its lowest level in 2022, giving it a market cap of over $2 billion.
Crypto.com outflows continue
Cronos price continued rising this week as investors focused on monetary policy. Data published this month pointed to a potential Fed pivot. For example, while the unemployment rate dropped to 3.5%, wage inflation dropped to 4.7% in December.
And last week, data published by the Bureau of Labor Statistics showed that inflation dropped for the sixth straight month in December. It crashed from a high of 9.1% in June 2022 to 6.5%, which is a sign that the trend will continue.
Prices of most goods have dropped in the past few months. For example, Tesla and other used car prices have fallen as the Fed continues with its tightening. Therefore, analysts believe that the Fed will continue easing its policies in 2023.
CRO price has also risen because of the rising activity in Cronos ecosystem. Data published by DeFi Llama shows that the total value locked (TVL) in key Cronos dApps has been rising. For example, VVS Finance has seen its total TVL surge by 12% in the past 7 days.
Similarly, MM Finance, Single Finance, Beefy, and Veno Finance’s TVL has risen by over 20%. Cronos has a TVL of more than $398 million, which is lower than its all-time high of over $4 billion.
CRO price has also risen despite the ongoings in Crypto.com. Despite the recent crypto rally, the company has seen its outflows crash by $12 million in the past 24 hours and by $156 million in the past 30 days. As a result, the company was forced to lay off staff last week.
CRO price prediction
The daily chart shows that the Cronos price has been in a strong bullish trend in the past few days. As it rose, the token rose above the important resistance level at $0.075, the highest point on December 5. It has managed to move above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has gotten extremely overbought.
The Stochastic Oscillator has moved above the overbought level as well. Therefore, the coin will likely pull back in the coming days as sellers target the key level at $0.06. A move above the resistance point at $0.095 will invalidate the bullish view.
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